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Philip Daniel, Alan Krupnick, Ms. Thornton Matheson, Mr. Peter J. Mullins, Ian W.H. Parry, and Artur Swistak
This paper suggests that the environmental and commercial features of shale gas extraction do not warrant a significantly different fiscal regime than recommended for conventional gas. Fiscal policies may have a role in addressing some environmental risks (e.g., greenhouse gases, scarce water, local air pollution) though in some cases their net benefits may be modest. Simulation analyses suggest, moreover, that special fiscal regimes are generally less important than other factors in determining shale gas investments (hence there appears little need for them), yet they forego significant revenues.
Martin Fowler, Anna C. Vakil, Colin Barlow, and Egbeogu Maduabuchi

) understand the marketing system, and (3) reduce the cost of marketing farm products. Further, the physical functions of the marketing system in Africa, especially the storage and processing facility, is grossly inadequate. Most farmers in Nigeria, for instance, dispose of their grains and other farm produce shortly after harvest for fear of rodent attack, not because they are in urgent need of cash. In this regard, appropriate technology should be employed to develop good storage facilities, taking into account the social and climatic conditions in Africa. Finally, the

Charles Weiss

light and shadow. This is a very important aid to data interpretation. The satellite is expected to have an operating life of about one year. It will make 14 revolutions a day and will complete its coverage of the globe every 17 days. Three ground stations will receive the image data from the satellite and will pass it initially to NASA’s data processing facility at Goddard Space Flight Center near Washington, D. C. This center will process, store, and distribute the data in the form of images or coded magnetic tape to the international team of scientists

International Monetary Fund

capabilities of Bulgaria and contribute to the government’s sustainable development goals. IFC has also supported a company investing in agricultural land and promoting land consolidation. Also, IFC has invested in a number of key manufacturing projects to support a cement plant modernization, the expansion and modernization of an electronic assembly facility, the rehabilitation and capacity increase of a wood panel production facility, revamping of a copper processing facility, and a project in retail sector to establish discount stores, hypermarkets and distribution

Mr. Jack Diamond and Mr. Barry H Potter

system—a central feature of the gradualist approach—again with a regional payment processing facility. If the Russian authorities had implemented the recommendations of the original IMF reports, the transfer of the payment and receipts transactions to the treasury would have occurred earlier. A more difficult issue is whether the unbalanced emphasis on cash control, which resulted from the gradualist approach, has caused the treasury to be instrumental in the emergence of arrears. But, historically, cash control has always come before control of liabilities

International Monetary Fund. African Dept.

subsidiaries of multinational companies . According to the authorities, external debt owed by domestically owned companies and households is negligible. There are, however, a number of multinational companies—for instance in the mining, banking, telecommunication sector—which wholly own local subsidies with external debt. The authorities do not have comprehensive data on these obligations. But by far the largest of these debtors is the Nickel/Cobalt mine and processing facility, which has external debt of around US$2bn (21 percent of GDP). This obligation has caused total

International Monetary Fund

Construction costs of the two large mining projects have been revised upward. Construction of an ilmenite mine (US$805 million, 11 percent of GDP) began in 2006 and construction of a nickel and cobalt mine and processing facility (US$3.2 billion, 44 percent of GDP) commenced in 2007. They will be completed over the next three years. Such a large inflow of capital is leading to upward pressure on the currency and these mining projects will result in higher economic growth and, starting in 2009/10, in higher exports. Starting in 2008, the bulk of the largest mining project