Search results

The purpose of this paper is to deliberate on the establishment of zakat (Islamic alms) on oil and gas in Malaysia. Being one of the five Islamic pillars, zakat contributes significantly to the country’s socio-economic development and prosperity. However, in Malaysia and other Islamic countries, there is not yet a proper mechanism for calculating zakat on extracted minerals. Similar to gold and silver, oil and gas are valuable minerals, which, upon extraction, are subject to zakat payment. In Malaysia, however, this is not the case.

This study uses a qualitative method. It presents a thorough review on the stipulation for paying zakat on minerals, specifically oil and gas. The deliberation is based on secondary data entailing a comprehensive content analysis of prominent books on the subject, current zakat rulings and legal acts on oil and gas.

Oil and gas are subject to zakat payment, as indicated in several Qurʾānic verses and based on the academic reasoning of Muslim scholars. The zakat calculation for oil and gas entails the nisāb (minimum threshold value of the assets) but not the ḥawl (the requirement for one full Islamic year of ownership for the assets), by analogy with zakat on agricultural produce. Despite the obligation to pay zakat on minerals under the zakāt al-māl (alms due on wealth) category, oil and gas is yet to be fully subject to this practice in Malaysia, although the country is known as an oil-producing Muslim country. Several legislative acts covering the managerial and business side of oil and gas operations have long been established, but the provision on zakat remains unclear. Hence, comprehensive legislation is needed to fine-tune the Malaysian oil and gas system, particularly with regard to zakat.

This study relies mainly on secondary data and literature without performing any empirical investigations.

In terms of academic implication, this study enriches the existing body of knowledge on zakat. Practical implications would include enhanced decision-making concerning zakat on oil and gas on the part of zakat institutions, policymakers and the government of Malaysia.

This study provides practical and academic contributions to the deep understanding of zakat on oil and gas, which has received very little attention in the existing body of literature. Despite being limited in literature, this is a breakthrough study that sheds light on zakat on oil and gas.

Despite the contributions of both the oil and gas and construction industries to the gross domestic product (GDP) of the country, both industries are still marred by incessant accidents. Therefore, the aim of this study is to compare the health and safety practises of the construction and oil and gas industries in Nigeria in order to suggest the best approach to health and safety practices.

A survey questionnaire was developed and administered to professionals working in the construction and oil and gas industries. Data were analysed using the relative importance index (RII). An independent sample t-test was also conducted to determine whether there was a significant difference in the construction and oil and gas industries.

The study revealed that the rate at which health and safety are practised in the oil and gas industry is comparatively high compared to how they are practised in the construction industry. Proper site layout and planning, provision of a safe working environment, proper health and safety risk assessment were more predominantly practised in the oil and gas industry, while proper site layout and planning, disallowing unauthorised entry into site and the provision of a safe working environment were predominantly practised in the construction industry.

This study is the first to compare the health and safety practises of the construction and oil and gas industries in Nigeria. This study was significant because it would provide insight into construction and oil and gas managers, as well as other decision-makers in both industries, on how to improve health and safety practices.

Energy is a driving force of economic development in the modern world, while as a commodity group it holds the greatest share of the world seaborne trade. Oil, natural gas and coal are the three most important sources of energy for the European Union which, as a bloc, represents 17% of the total energy consumption. The aim of the present paper is to explore the economics and trade issues of these three major energy commodities and investigate the role of the maritime transport in the energy trade within the context of the EU-25. A number of factors are considered in order to discuss contemporary opportunities and challenges that arise in this context for the shipping business. The examination reveals the critical dependence of EU-25 energy supply on seaborne trade and the considerable reliance of the maritime transport on such commodities for the generation of shipping business within the realms of the EU-25. Among the parameters regarded as conducive to the demand of shipping services in the context of the EU energy trade are the energy demand factor, the import dependency factor, the cost effective production element, and seaborne trade related parameters while consideration is also given to environmental issues.

This paper aims to provide an important perspective to the predictive capacity of Organization of the Petroleum Exporting Countries (OPEC) meeting dates and production announcements for energy futures (crude oil West Texas Intermediate (WTI), gasoline reformulated gasoline blendstock for oxygen blending (RBOB), Brent oil, London gas oil, natural gas and heating oil) market returns and volatilities.

To examine the impact of OPEC news on energy futures market returns and volatilities, the authors use a conditional quantile regression methodology during the period from April 01, 2013 to June 30, 2017.

From the empirical findings, the authors show a conditional dependence between energy futures returns and OPEC-based predictors; hence, the authors can find clear the significance of relationship in the process of financialization of the OPEC announcements and energy futures in the case of this paper. From the quantile-causality test, the authors find that the effect of OPEC news is important to energy futures. Specifically, OPEC announcements dates predict the quantiles of the conditional distribution of energy futures market returns.

The authors confirm the presence of unidirectional nexus between OPEC news and energy commodities futures in the long term.

This paper aims to identify the factors that are constraining technological innovation to support the development of coalbed methane in China.

The analysis applies ideas relating to national and sector systems of innovation to explain why China’s strategies to support research and technological innovation have failed to stimulate the desired progress in coalbed methane production. It also provides a counter-example of the USA that implemented a number of measures in the 1970s that proved very effective.

The deficiencies of China’s research and development strategies in support of coalbed methane development reflect the national and sectoral systems of innovation. They are exacerbated by the structure of the national oil and gas industry. Key constraints include the excessively top-down management of the national R&D agenda, insufficient support for basic research, limited collaboration networks between companies, research institutes and universities and weak mechanisms for diffusion of knowledge. The success of the USA was based on entirely different systems for innovation and in quite a different industrial setting.

The originality of this analysis lies in placing the challenges facing research and innovation for China’s coalbed methane development in the context of the national and sectoral systems for innovation and comparing with the approach and success of the USA.

The Black Sea region has become as an important energy transit route for Caspian and Russian oil and natural gas to western markets. Since 1996 the quantity of oil exported from the Black Sea through the Turkish Straits and the number of transiting tankers has doubled and will continue to expand. However, these are also two waterways where the risk of either an accidental or intentional disaster is significant bringing serious repercussions for energy supply security. This paper will analyze measures taken by Black Sea coastal States to provide for secure ports and shipping against accidental and intentional disasters. The paper will examine the role of technology, such as satellite based VTS providers in the Black Sea, implementation of the ISPS Code, the role of the relatively new BlackSeaFor in providing both port and navigational security. The paper will further make recommendations for further improvements for enhancement of security emergency response planning. In addition, the paper will examine current security measures taken by the Turkish Administration for oil transportation through the Turkish Straits.

This paper aims to explore the international response to the discovery and development of gas fields in the East Mediterranean basin.

The study applies key concepts into a framework and explores the strategies used by nations for developing their influence in the region.

The key nation states (the USA and Russia) and the supranational EU are notable in their divergent approaches to obtaining access to and influence regarding the gas fields.

The development of the strategies used by the international rivals for access to the resources available from the offshore oil fields is set to be an area for further study.

This paper offers insight into a developing rivalry over energy security, which will a platform for further investigation throughout the exploitation of the “New Gulf” gas fields.

Industrial tourism not only strives to preserve industrial heritage, but can also be a strategy for being familiar with the history of industry and attracting tourists to new destinations. This paper examines the issue of promoting petroleum industrial tourism in the case of Khuzestan, Iran. The research aims at determining appropriate strategies for promoting petroleum industrial tourism.

The data were analysed through a strengths, weaknesses, opportunities, and threats (SWOT) model.

The results revealed the competitive strategy as the best. Lastly, strategies such as: concentric diversification, joint venture strategy, conglomerate diversification and horizontal diversification were proposed as key solutions. The results support the view that establishing an exploratory ecomuseum in the territory of Khuzestan Province can be a suitable concentric diversification strategy towards petroleum industrial sustainable tourism in the future.

The main originality of this paper includes linking tourism with the petroleum (oil and natural gas) industry and its natural landscapes for the first time in a case study. Therefore, the results of this research can extend the literature in this regards. Moreover, this paper attracts tourists to visit natural landscapes of petroleum heritage.

Lately, sustainability issues are increasingly affecting all sectors, even if oil and gas industry is highly required to improve its social performance because of the societal pressure to environmental protection and social welfare. Sustainability concerns and corporate governance features and practices are more and more connected because sustainability has been perceived as a crucial topic by owners and managers. In this perspective, the empirical analysis aims to explore whether and to what extent, sustainability-oriented corporate governance model is linked with social performance.

By adopting a multi-theoretical framework that includes the legitimacy theory, the stakeholder theory and the resource-based view theory, this analysis used a sample of 42 large European-listed companies belonging to the oil and gas industry. The authors run fixed effects regression models by using a dependent variable, i.e. the social score, available in ASSET4 Thomson Reuters, and some independent variables focused on sustainable corporate governance models, stakeholder engagement, firm profitability, market value and corporate risk level.

Drawing upon the investigation of a moderating effect, findings display that stakeholder engagement is positively associated with corporate social performance and it can be considered an important internal driver able to shape a corporate culture and most likely to address corporate social responsibility issues.

This study confirms the need to develop an organizational and holistic approach to corporate governance practices by analyzing internal and external governance mechanisms. From the managerial perspective, managers should opt for a sustainable corporate governance model, as it is positively correlated with corporate social performance.

There is an urgent need to investigate sustainability issues and their potential association with firm internal mechanisms, particularly in the oil and gas industry. This paper can extend the current body of knowledge by pointing out a positive relationship between stakeholder engagement and firm social performance.

This paper provides an important perspective to the predictive capacity of Fed and European Central Bank (ECB) meeting dates and production announcements for the dynamic conditional correlation (DCC) between Bitcoin and energy commodities returns and volatilities during the period from August 11, 2015 to March 31, 2018.

To assess empirically the unanticipated component of the US and ECB monetary policy, the authors pursue the Kuttner's approach and use the federal funds futures and the ECB funds futures to assess the surprise component. The authors use the approach of DCC as introduced by Engle (2002) during the period from August 11, 2015 to March 31, 2018.

The authors’ results suggest strong significant DCCs between Bitcoin and energy commodity markets if monetary policy surprises are incorporated in variance. These results confirmed the financialization of Bitcoin and commodity energy markets. Finally, the DCC between Bitcoin and energy commodity markets appears to respond considerably more in the case of Fed surprises than ECB surprises.

This study is a crucial topic for policymakers and portfolio risk managers.