CHAPTER 14
Analyzing State-Owned Oil Companies
State-owned oil companies are not all alike. While they have many similarities, there are some differences that are noteworthy. State-owned oil companies are as varied as the oil they produce. While all are owned by their governments, they differ by the percentage of government ownership.
In some cases, both governments and investors own these complex corporations. We refer to these entities as mixed-capital companies. These institutions are held to the standards of a private company, but have the complexity of two sets of owners, its government and global investors. This chapter provides a roadmap to understanding these structures and how they differ from the state-owned oil company which is entirely ...
