API Signs First MOU With Azerbaijan s National Oil Company
The American Petroleum Institute (API) today signed a Memorandum of Understanding (MOU) with the State Oil Company of Azerbaijan Republic (SOCAR), Azerbaijan’s national oil company, to collaborate on industry standards with the goal of enhancing safety, environmental protection and sustainability across the industry.
“We welcome the signing of today’s MOU with SOCAR, bringing together our two organizations to develop standards in pursuit of our shared goals of safety and environmental protection,” API Global Industry Services (GIS) Senior Vice President Debra Phillips said. “Today’s signing marks the first MOU between API and SOCAR, playing a key role in connecting two major natural gas and oil markets to advance industry performance globally.”
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IMAGE: Revenue share accounted for by the 10 largest companies in each of the eight core industries of the ocean economy. Outer band indicates the respective industry total revenue in 2018. view more
Credit: Science Advances
For the first time, scientists have identified the 100 transnational corporations (see table) extracting the majority of revenues from economic use of the world s ocean.
Dubbed the Ocean 100 , the group of companies generated US$1.1 trillion in revenues in 2018, according to the research published in the journal
Science Advances. If the Ocean 100 was a country it would be the 16th largest on Earth, said Henrik Österblom, a co-author on the study from Stockholm Resilience Centre at Stockholm University. By revenue, the Ocean 100 is equivalent to the GDP of Mexico.