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Daily Archives: November 30, 2013

EIA – Russia Country Analysis Brief

Russia is the second-largest producer of dry natural gas and third-largest liquid fuels producer in the world. Despite its significant reserves of coal, it produces only modest amount of coal. Russia’s economy is highly dependent on its hydrocarbons, and oil and gas revenues account for more than 50% of the federal budget revenues. Russia is a major producer and exporter of oil and natural gas, and its economy largely depends on energy exports. Russia’s economic growth continues to be driven by energy exports, given its high oil and gas production and the elevated prices for those commodities. Oil and gas revenues accounted for 52% of federal budget revenues and over 70% of total exports in 2012, according to PFC Energy. Russia was the world’s third-largest producer of oil (after Saudi Arabia and the United States) Preliminary data for 2013 show that Russia still is the third-ranked producer of total liquids, with average production at 10.5 million barrels per day (bbl/d) through September 2013. Russia was the second-largest producer of natural gas in 2012 (second to the United States). Russia is the third-largest generator of nuclear power in the world and fourth-largest in terms of installed capacity. With ten nuclear reactors currently under construction, Russia is the second country in the world in terms of number of reactors under construction in 2012, according to the International Atomic Energy Agency. Russia consumed 32.77 quadrillion British thermal units (Btu) of energy in 2011, the majority of which was in the form of natural gas (56%). Petroleum and coal accounted for 19% and 14%, respectively.”

A Corporate Governance Breakdown – Exposing companies to greater risk of fraud and corruption

Deloitte: “Internal auditors play a vital role in reducing the risk of fraud, corruption and other corporate wrongdoing. Yet, according to Deloitte’s new analysis of member survey data from The Institute of Internal Auditors (“IIA”), 62 percent or more of internal audit (“IA”) functions at public companies globally do not comply with all of theContinue Reading