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OAPEC
Jan 77
U

EDITORIAL

Source : Egypt : Business Gateway to the Middle East ? Switzerland : Business
International Research Report , March 1976, p.42.


A New Cornerstone of Joint Arab Action -The Arab Petroleum Services Co .


The creation of the Arab Petroleum Services Company , the fourth joint Arab venture of OAPEC , will be annonced within the coming days .


Concerning the Organization’s other companies , meanwhile , the Arab Shipbuilding & Repair Yard Company’s drydock project is underway ; the activities of the Arab Petrolem Investments Corporation are proceeding ; and the Arab Maritime Petroleum Transport Company is negotiating the purchase of more tankers .


The pending declaration of the establishment of the new company is another indication of the importance of joint Arab action through joint projects , a fairly new experience in the Arab wold . The relatively its problems . Considerable obstacles are posed by the nouvelty of the experience and the constraints arising from the technological gap between the Mediast and indutrialized countries .


One prominent beature of the company it is empowered to empowereddd to establish subsidiary companies that specialize in providing a range of petroleum services . Arab skills capable of asimilating new technology in this field . Furthermore , the specialized companies will be able to operate on a commercial basis in the areas where dependency on foreign companies was once total .


Obstacles impeding the success of joint ventures de not necessarily have to change the thrust in that direction , provided that there is joint action through well-planned projects which are guaranteed by long-term profitability .

NEWS AND INFORMATION

`
Declaration of Establishment of ABSC Set for Jan.8


The Ministrerial Council , in its capacity as the constituent assembly of the Arab Petroleum Services Company , will meet in Tripoli , Libya , on Jan.8 to declare the company established and name its first board of directors .


The board will then initiate preparations for beginning operations and for paying the first installment of the share capital .


APSC’s authorized capital is LD 100 million and the subscribed capital is LD 15 million .


Participation at Fourth Conference of Arab Ministers of Industry


Dr. Ali Attiga , Secretary General of OAPEC , and Dr. Sameeh Mas’oud of the Oil Idustrialization Department , attended the 4 th Conference of Arab Ministers of Indusstry in Baghdad on Dec. 12-20.


The Conference , which was sponsored by the Industrial Development Center for the Arab States (IDCAS) , discussed long-term strategies for development , present and future of Arab industrial cooperation , and reports submitted by the participating regional and international organizations .


Mr. Ali Gida Appointed OPEC Secretary General


Mr. Ali Gida , the managing director of the petroleum affairs at the Ministry of Finance and Petroleum in Qatar and member of the OAPEC Executive Bureau , succeeded Chief Feidi as Secretary General of the Organization of Petroleum Exporting Countries at the Dec. 15-17 OPEC meeting in Doha .


Work Plan for the Maritime Legislative Commitee


Dr. M.K. Khalil , adviser , and Mr. Ali Na’as and Dr. Yusef Attari from the Legal Department represented OAPEC at the second committee meeting on hydrocarbon legislation held Dec. 12-14 in Benghazi , Libya .
















OAPEC


January 77

STATISICS
Egypt


Proposed investments under the 1976-80 Plan


(E £ million)


Commodity Sectors


1966-75


1976(plan)


1976-80(plan)



Allocations


% of
Total


Annual
average


Total


%


Total


% of
total


Annual
average


Agriculture, Irrigation & Drainage


668 Includes ivesment in the Aswan Dam .


14


66.8


130.1


9.8


560


7


112



Industry , Mining & Petroleum


1470


31


147.0


371.5


28.1


2760


34.5


552


Electricyty


393


8.3


39.3


70.6


5.3


560


7


112


Construction


75


1.6


7.5


16.3


1.2


350


4.4


70


Transport & Communications


1142


24.1


114.2


416.3


31.4


2050


25.6


410


Housing, Public Utilities &
Services


995


21


99.5


320.0


24.2


1720


21.5


344


Total


4743


100


474.3


1324.8


100


8000


100


1600

Principal Indicators of the Draft Plan 1976-80


( E£ million) At current prices , except 1980 at constant 1975 prices .




1973
actual


1974
est..


1975
target


1980
target


%Increase
1975-80



Gross Domestic product








Production


6628


1811


7985


12441


56



Intermediate goods


3410


4135


3915


5727


46



Value added


3218


3676


4070


6714


-



Net taxes & subsides


373


67


102





Total GDP


3591


3743


4172


6714


61


Uses of GDP :







Private consumption


2344


2554


2905


3589


24


Gouvernment expenditure


1020


1098


1177


1510


28


Total consumption


3364


3652


4082


5099


25


Investment


502


730


1100


2050


86


Total


3866


4382


5182


7149


38


Foreign Trade :







Exports


483


831


1006


1961


95


Imports


673


1188


1919


2396


25


Balance


-190


-357


-913


-435


52


National savings


312


363


553


1615


192


Source : Egypt : Business Gateway to the Middle East ? Switzerland : Business
International Research Report , March 1976, p.42.















APPENDIX
OAPEC NEWS BULLETIN


(January 1977)


OPEC INVESTMENTS IN THE WEST


BY
Odeh Aburdene The First National Bank of Chicago , International Division .
The views expressed by the author are not necessarily those of the Organization .


By the end of 1975 , OPEC countries’ foreign assets reached $ 72 .0 billion , a significant increase over the $ 13,5 billion figure of Decembr , 1972 .
Thus , the oil price rise of October and December , 1973 , has increased the overseas assets of Opec by nearly five fold . These estimates are substantially higher than many which have been published as they include the reserves of Qatar, U.A.E. and the gouverment-held foreign assets of Kuwait .


The Arab members’ share at the end of 1975 stood at $ 47.6 billion , that of the non-Arab memebres , $ 24,4 billion .


Foreign assets of OPEC


$71.965


Arab membres


$47.594


Non-Arab membres


$24.371


A large portion ($31.9 billion ) of OPEC’s 1974 and 1975 surplus funds was invested in the Evrocurrency market , followed by the American and British markets . The bulk of the Evrocurrency deposits , roughly 75% , is donominated in dollars . This should make the U.S. dollar portion of all Opec’s Eurocurrency deposits approximately $24.6 billion . The remainder primarily includes Deutsche marks , Swiss francs , and sterling . The concentration of investments in the Eurocurrency market in particular , is explained by the size and openess of the market and its interest rates , wich have been generally higher than those of other money centers , particularly the U.S. market . About $ 17,9 billion of the Eurocurrency deposits are lodged in London . OPEC’S investments in the U.S. during 1974 and 1975 totalled $ 17,5 billion . Approximately $9,4 billion was invested in gouvernement and agency securities , $ 4,5 billion in bank deposits , and $ 3,6 billion in U.S. stocks , bonds and eal estate .

OPEC’s Investment in U.S. 1974-1975
(billions of dollars)



1974


1975


U.S. gouvernement and agency securities


$ 6


$ 3,4


Bank deposits


4


.5


Stocs , bonds and real estate


1


2,6


Total


$11


$6,5


OPEC added only $2 biilion to its sterling investments in 1975 compared with $ 7,2 billion in 1974 , which reflects a decline in the British pound as a medium for payment of oil revenues . By the fourth quarter of 1975 , the proposition paid in the sterling was down to 8,6% while for the whole year it was 11.4% . This contrastswith 20% in 1974 and 34% in 1973 .

Opec’s Investment in U.K.
as of December 31, 1975
(millions of pounds sterling)


Gouvernment stocks


£ 624


Treasury lills


£ 833


Deposits with banks


£ 1,382


Total


£ 2,839

U.S. Liabilities to OPEC


As of December 31,1975 , the head offices of U.S. banks and foreign bank branches in the U.S. had $ 13,2 billion in deposits from OPEC. If we include OPEC deposits in the overseas offices of U. S. banks , the numbers are even larger . In data furnished to the Senate subcommitee on multinational corporations , the Federal Reserve Board chowed that deposits from OPEC countries in the 21 Largest U.S. banks and their offices abroad amounted to $ 18,2 billion as of December 31 , 1975 . The Middle East and North African nations placed $ 14,5 billion and other membres deposited $ 3,7 billion.



Middle East and North African exporters


$14,5 billion



Other membres of OPEC (Venezuela ,

Indonesia , Ecuador , Nigeria)


$ 3,7 ballion



Total


$ 18,2 billion


The Federal Reserve survey points out that OPEC nations placed a substantial portion , $13,8 billion of their oil revenues , mainly with the six largest banks in the U.S. From the preceding information , we can reliably estimate that branches of American banks abroad hold nearly $4,95 billion in deposits from OPEC.


In addition , OPEC nation’s claims on the U.S. gouvernment and agency securities ) are put at $9,4 billion . In sum , OPEC’s overall investment in the U.S. is estimated to be nearly $26,5 billion .


OPEC’s investment in U.C.
as of December 31,1975

(billions of dollars)



U.S. gouvernment and agency securities


$9,4



Bank deposits


13,5



Stoks , bondes and real estate


3,6



Total


$ 26,5


U.S. Claims on OPEC


The claims of U.S. banks and their foreigh branches on OPEC are estimated at $7,018 billion , the bulk of which were on Venezuela totalled $ 2,339 billion and on Indonesia $ 1,563 billion .


U.S. Direct Investment in OPEC


The estimates of U.S. direct investment position in OPEC were valued at $5,386 billion at the end of 1974 . Virtually of the investment was concentrated in petroleum with the exeption of Venezuela .















Collective Assets of OPEC Countries in the Western World
as of December 31, 1975
(billions of dollars )


U.S.


Bank deposits


$13,5


Gouvernment and agency securities


9,4


Stocs , bonds , real estate


3,6


$26,5


U.K.


Sterling deposits


£2,8 =


$5


Eurocurrency deposits



19,3




$24,3


Other European Countries


Switzerland , Germany , France



$14



Total


$64,8


Against this background , it is clear that the financial condition of the industrialized countries (particularly the U.S.) is much stronger than that of OPEC.















U.S. Direct Investment Position in OPEC
as of December 31 , 1974

(millions of dollars)


Middle East



$2,129


Oil Investment



$1,618


Non-oil Investment



$ 511


Indonesia



$705


Oil Investment



$ 408


Non-oil investment



$297


Libya



$542


Oil Investment



$534


Non-oil Investment



$ 8


Nigeria



$238


Oil Investment



$209


Non-oil Investment



$ 29


Venezuela



$1,772


Oil Investment



$ 659


Non-oil Investment



$1,113


Total


$5,386


Total Oil


$3,428


Total Non-oil


$1,958


U.S. Claims on OPEC Nations By U.S. Banks and Their Major Foreign Braches
as of December 31,1975

(millions of dollars)


Middle Easte Oil Producers



$2,348


Africain Oil Producers



$ 768


indonesia



$1,563


Venezuela



$2,339



Total


$7,018


Conclusion


In 1975 , the collective assets of OPEC in the industrialized countries stood at $64,8 billion . In comparison , Western claims on OPEC were $11,840 billion .

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