05.07.2009

Relevant in a (Production Sharing Contract) PSC between an (International or Independent Oil Company) IOC and a National NOCs.

Sovereign Immunity – the legal doctrine that a state cannot be sued without its consent. The extent a state is immune within its own jurisdiction varies according to country, while principles of international law exempt states from legal proceedings in another country. However if states are acting as contracting bodies, such as in a PSC, sovereign immunity may not be available in an international or foreign court. In addition, a state may elect to waive this immunity when negotiating a PSC contract

South Korea has three large shipbuilding companies: Hyundai Heavy Industries, the largest shipbuilding company in the world; Samsung Heavy Industries and Daewoo Shipbuilding and Marine Engineering. South Korea dominates LNG shipbuilding orders

Oil with high concentration of hydrogen sulfide

100% owned by Granite Hacarmel since October 2006. Sonol was founded during WWI, when at the time it was a subsidiary of Mobil Oil until 1956, and today is one of the largest oil marketing companies in Israel, with a chain of more than 210 branded public service stations. The chain has 43 convenience stores named “So Good”. Sonol has embarked on a program of adding convenience stores and a wide range of consumer services in its stations as well as upgrading the design of the stations. Sonol markets a full-line of branded lubricants, greases and related products, which are blended and packaged in its Haifa plant. The company owns and operates a fleet of fuel tankers with a capacity in excess of 1 million liters. Sonol has developed and continues to expand its proprietary Dalkan automated fuel billing and management service for its fleet customers. Sonol has a 75% holding in Sonol-Kat, which specializes in the development of small, curbside public gas stations. Before the company was bought by Granite Ha-Carmel in 2006, Dor Alon had wanted to merge with Sonol, but the anti-trust appealed the decision which was eventually ratified in June 2006 by the Israeli Supreme Court of Justice, so the merger of the two companies did not take place. In October 2006, the Azrieli Group bought the controlling share of Granite Hacarmel which fully owns Sonol.

Solution gas is a natural gas which is dissolved in crude oil in the reservoir at the prevailing reservoir conditions of pressure and temperature. It is a subset of associated gas