The Valruzian Economist || Economic News From Valruzia
SELEYAN PETROLEUM COMPANY SOON TO BE ESTABLISHED
Nowogard, October 4327
NOWOGARD - The Ministry of Trade and Industry has recently announced that one of the crucial goals of the department will be to establish the Seleyan Petroleum Company which will increase the energetic security of the continent mainly the Seleyan Union and the North Seleyan Economic Community. Wirth its ambitious plans the Rafał Joński-led Ministry wants to establish the first ever pan-seleyan company which will function as Societas Seleyanea and will act as an economic entity in accordance with the common corporate laws of the Member States of the Seleyan Union and the North Seleyan Economic Community. The Ministry expressed that its intention is to promote its idea and invite as many countries from both of the organizations as Minister Joński believes, the possible success of the initiative is greatly dependant on the cooperation and participation of all Member States.
The Seleyan Petroleum Company will be in fact, an intergovernmental cooperation platform which will consociate entities from SU and NSEC Member States responsible for the petroleum reservoirs exploration and its refining. The internal structure of this entities will very much as every country has a different type of laws defining this kind of activity. Valruzian Government has already announced that petroleum giant WKN Volantis will represent Valruzia in the SPC, other countries might delegate other commercial companies, ministerial delegations or joint-groups which will represent the country within the SPC. With no exception, the shares of the SPC will be divided evenly, meaning that each Member State will become the depositary of the same amount of shares of the Seleyan Petroleum Company.
The SPC's main task will be to increase the energetic security of the continent and promote its energetic self-reliance. One of the main goals of the SPC will also be to promote fair cooperation between Member State on issues of energy production, distribution, and transportation of energy. Seleya is currently the largest producer of energy, most of which is produced from fossil fuels. Valruzian Government announced that it will seek support from governments of other Member States of SU and NSEC to increase the share of renewable and clean sources of energy in the overall production of energy.
Ministry of Trade and Industry announced that the presence of this type of company on the market of the Seleyan Union and NSEC will allow the Member States to save a considerable amount of funds by establishing together with the Member States a joint energy production facilities, especially in the borderlands region. According to the WKN Volantis and WALATOM, responsible for production of nuclear energy in Valruzia, this would mean that for example Nuclear Power Plants operating near borders with other Member States to send energy across borders with no transit fee.