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Mari Gas Company Limited

Internship Report ON Mari Petroleum


(Formerly the Mari Gas Company Limited)
Fueling The National Economy

Mari Gas Company Limited

Vision
Be the leader in the oil and gas market in Pakistan by expanding and developing the petroleum value chain including exploration, production, transmission, extraction, processing, distribution and marketing such processes, products and services in order to bridge the gap of the increasing demand of petroleum products and the needs of the existing and potential customers

Mari Gas Company Limited

Mission
Mari Petroleum Company Limited will be customer focused and competitive with a view to contributing substantially to the national economy, while ensuring continuous growth and viability of the Company and the payment of profitable dividends to the stakeholders.

Values
Values are deeply ingrained principles that guide organizational actions. The Core values are central and enduring tenets of a successful organization. MPCL is governed by its core values which distinguish us and guide our actions while shaping our corporate culture and reflecting the behavior essential to our relationship with all the stakeholders. The Core values MPCL subscribes to are

Mari Gas Company Limited

COMPANY OVERVIEW
Mari Gas Company Limited is one of the largest oil & gas exploration and production companies in Pakistan. In 1957 when the Company was operating as Esso Eastern Inc., Mari Gas Field was discovered in Daharki, Sindh, Pakistan with original gas in place (GIIP) estimate of 2.38 TCF. Over the years with the phased development of the Field and the subsequent reservoir evaluations, the GIIP of the Field enhanced to 10.751TCF, thus making Mari one of the largest gas field in Pakistan in terms of balance reserves. In May 1983 Fauji Foundation, a major Pakistani group, along with OGDCL and GOP acquired the entire business operations of Esso Eastern Inc. in Pakistan which comprised the Mari Gas Field. During December 1984, the business was reorganized and incorporated as Mari Gas Company Limited (MGCL) which took over the assets, liabilities and operational control of Mari Gas Field. MPCL primarily operated as a production company till 1997, developing the discovered Habib Rahi Reservoir in phases for supply of gas to the new fertilizer plants. Simultaneous with these development phases, the Company also pursued appraisal activities within its Mari D&P Lease by drilling stepout wells to determine the boundaries of Habib Rahi Reservoir. The hallmark of MPCLs growth and expansion is also represented by its entry into exploration activities in year 2001, on its initiative and with Governments approval. In its exploration segment, MPCL is operating total seven exploration blocks i.e. three exploration blocks (Ziarat, Hanna & Harnai) and one D&P Lease (Zarghun South) in Balochistan, two exploration blocks in Sindh (Sukkur & Sujawal), one in Khyber Pakhtunkhwa (Karak) and one in Punjab (Ghauri). In addition, the Company is also joint venture partner in two exploration blocks (Kohlu & Kalchas) in Balochistan, two exploration blocks (Kohat & Bannu West) in Khyber Pakhtunkhwa, one block (Zindan) in Khyber Pakhtunkhwa / Punjab and one block (Hala) in Sindh. Moreover, the Company is also joint venture partner in block 43B with 25% working interest in Oman with MOL. Mari Gas Field, located at Daharki, District Ghotki, Sindh, approximately 96 kilometers North of Sukkur. Esso Eastern Inc (EEI) discovered this field in 1957 with initial gas reserve estimate of 3TCF. Over the years with the phased development of the Field and the subsequent reservoir evaluations the Field reserves size enhanced to 6.8TCF, thus making Mari the countrys 2nd largest gas field. The field was brought on production in 1967 when the required infrastructure was established to supply 30 MMSCF/Day gas to fertilizer plant of Esso Pakistan Fertilizer Company Limited now Engro Chemical Pakistan Limited. Mari Gas Field was owned by Pak Stanvac Petroleum Project (PSPP), a joint venture between Government of Pakistan as 49% interest owner and EEI as 51% interest owner

Mari Gas Company Limited

and operator with marketing rights over entire production from the field. The field was operated under this arrangement till 1983 when Fauji Foundation acquired the entire 51% interest of EEI in PSPP along with its branch office and operated the field till December 22, 1985. Fauji Foundation, Government of Pakistan and Oil and Gas Development Corporation (now Oil and Gas Development Company Limited) incorporated Mari Gas Company Ltd as an unlisted public limited company on December 04, 1984 to takeover the assets, liabilities and operation of Fauji Foundation (Mari Gas) and Pak Stanvac Petroleum Project. The Company commenced business in its own name on Dec 23,1985.

BUSINESS DESCRIPTION
Mari Gas Company Limited (MGCL) is a Pakistan-based. The Company is principally engaged in drilling, exploration, production and sale of natural gas. As of June 30, 2010, the operated blocks, in which the Company had working interest included Ziarat, Karak, Sukkur, Hanna, Harnai, Hala, Kohlu, Kalchas, Sujawal, Kohat and Bannu West, and its non-operated blocks included Dhadar, Oman 43B and Yemen block 29.

Country Exchanges Major Industry Sub Industry 2010 Sales Employees Currency Fiscal Year Ends Shares Outstanding Market Capital Share Type Closely Held Shares

MARI PAKISTAN KAR Oil, Gas, Coal & Related Services Miscellaneous Oil, Gas and Coal 5,240,117,000 371 Pakistan Rupees June 73,500,000 8,232,000,000 Ordinary 58,820,800

Mari Gas Company Limited

CORPORATE STRUCTURE
Mari Gas Company is registered as a public limited company, listed and traded on all three stock exchanges of Pakistan. The company has an authorized capital of Pak Rs. 2,500 million and paid up capital of Pak Rs. 735.00 million which is subscribed by Fauji Foundation (40% with management control), Government of Pakistan (20%), Oil and Gas Development Company limited (20%) and the General Public (20%). The company is managed by a board of fourteen directors representing: Fauji Foundation Government of Pakistan OGDCL General Public 6 3 3 2

The directors representing Fauji Foundation and General Public are elected by the shareholders for a term of three years.

PRODUCTION & CUSTOMERS


The production facilities managed by the company, consists of ninety eight (98) producing wells and a network of about 300 kilometers gas-gathering lines connecting the wells to two central manifolds. The Mari Field is capable of producing 600 MMSCFD of gas, which is being allocated to the following customers.
Gas Allocation (MMSCFD) 103.00 95.50 184.00 110.00 1.60 65.00 44.00 603.1

Customers Engro Chemicals Pakistan Ltd Fauji Fertilizer Company Ltd Mirpur Mathello Fauji Fertilizer Company Ltd Goth Machhi Water and Power Development Authority Sui Southern Gas Company Ltd Foundation Power Company Daharki Ltd Star Power Company Ltd Total

NEW PROJECTS

Mari Gas Company Limited

Development of Zarghun Gas Field: The Company has recently executed the Gas Sales Agreement with the SSGC, a state run gas transmission company, to supply about 25MMSCFD gas from its under development field Zarghun South Field. Besides drilling a development well, the field development work includes; construction of gas processing facilities, gas gathering system and lying of a 65km gas export pipeline. The project having estimated capital outlay of around US$40 million is expected to commence commercial production during the first half of year 2010.

NEW DISCOVERIES
1. Gas discovered in Sujawal Block, Sindh 2. Discovery in the Sukkur Exploration Block 3. Discovery in Mari Lease Area 4. Discovery in Balochistan

INFORMATION TECHNOLOGY & ISO CERTIFICATION


Energy Update that with a business focus approach, MGCL is using Information Technology and ISO standards framework into the structure and culture of the company. This methodology is helping them to enhance their production, efficiency and strengthen their abilities in exploring and materializing new opportunities. In order to manage non-structured data and automatic work flows, Enterprise Content Management (ECM) System has been installed in all the computer systems of the country. The system helps to reduce physical movement of the files and approvals are done through the introduction of digital signatures. While providing faster access to required information, the system has introduced a more collaborative environment. To improve efficiency and streamline business processes, the implementation of SAP system is in the process. This Enterprise Resource System (ERS) System will enable our staff and management to quickly gather and analyze financial and operational data for timely decision making. MGCL have successfully acquired and maintained ISO 9001, 2008 for Quality Management System; ISO 14001, 2004 for Environment Management Systems; ISO 18001, 2007 for Occupational Health and Safety Management System.

CORPORATE SOCIAL RESPONSIBILITY


MPCLs CSR Approach: 7

Mari Gas Company Limited

Carry out sustainable development in our leased areas to meet the present needs of local community without undermining the capacity of their future generations to meet their own needs Corporate Social Responsibility (CSR) in any company shows its strategic and diversified vision towards its employees and society. At MGCL it is believed that CSR is about the integration of social, environmental, and economic considerations into the decision-making structures and processes of business. Mari Gas being one of the largest Exploration and Production Company in Pakistan is conscious of its obligations towards the society and the environment. They have a history of community involvement and can say this with great pride that they had done a great job. There is potential in their organization to reach new heights and they are prepared to exploit that potential. In doing so, they are cognizant of the fact that they must aim for balanced approach the integration of economic, environmental, and social imperatives. Recognizing the importance of CSR has lead MGCL to develop new partnerships, new sphere of existing partnerships, skill acquisitions, health and environment protection, social cohesion, and equal opportunities.

COMMUNITY DEVELOPMENT PROGRAM


Mari Gas Company Limited aims at passing on the benefits of technology and modern industrial setups to the community. With every new dawn, the company is exploring a range of untapped opportunities with focus on improving the quality of life of local communities. MGCL is making a sincere effort to involve local people in development projects, focusing on capacity building rather than traditional donor-beneficiary relationships. In their community development approach, local people are always involved in planning, implementing and managing projects, ensures that their humanitarian aid truly meet their needs. Through needs assessment and baseline surveys, MGCL has been able to tap into local resources and enhance their capacity. By improving the communitys quality of life through this direct interface, MGCL aims to leave a lasting footprint in a sustainable manner.

HEALTH FOCUS
MGCL is undertaking a number of healthcare projects in its operational area for the poor community in the vicinity including:

Mari Gas Company Limited

Mobile Dispensaries: The project was launched in 1987 and is providing quality healthcare facilities to the most deprived area of the region since last 20 years with a mission: 1. To provide medical treatment to the poverty stricken community. 2. To create health and hygienic awareness in the community. 3. To educate about the potential hazards of communicable disease and their preventive measures. 4. To educate about rehabilitation of physically impaired children. Over 100,000 patients are being treated annually through Mobile Dispensary and Company is spending over Rs. 10.5 Million per annum on this Project. Maternity Home: Realizing an acute need of medical facilities for female patients. MGCL launched the Maternity Home Project in the Village Dad Leghari. A fully equipped and furnished facility was constructed in 1992. The ambit of responsibilities at the Maternity Home includes: 1. To offer free of cost treatment to female patients for Obs. Gynae related problems. 2. To immunize newborn babies against communicable diseases. 3. To conduct normal deliveries and DNCs in hygienic conditions. 4. Monthly turnover is about 1300 patients. 5. Over a Million Rupees per year is being spent to run this facility. Mari Medical Trust For Tuberculosis (TB): While social welfare considerations have been a top priority to the company, the company employees are also playing their due individual role to alleviate the sufferings of the community. On observing a large number of patients in the community suffering from Tuberculosis (T.B) the MGCL employees waged a war against this highly infectious disease at their own level and set up MARI MEDICAL TRUST in 1997 with an aim: 1. 2. 3. 4. To create awareness in the community about the deadly disease To educate about the preventive measures for the abolition of T.B. To develop resources within the society. Since its inception over Rs. 3.5 Million has been spent so far by this Trust.

Mass Vaccination Against Hepatitis-B: Hepatitis-B has been one of the major causes of mortality in the community. Initial survey has indicated that about 20-25% of the population is infected with this deadly

Mari Gas Company Limited

disease. MGCL management acted promptly to save the situation from turning into epidemic and has launched a comprehensive campaign against the disease with an objective to: Preventive vaccination to none infected community members. The Campaign is divided in four phases of which three phases have been completed and 4th phase in progress. 1. Total 78,000 patients have been vaccinated in three phases. 2. Rs. 60 Million would be spent in four phases.

Constructed Field Dispensary In Mari Gas Field: The Company built a fully equipped and furnished dispensary in the field with a capital cost of Rs. 1.5 Million and dispensary is being operated by Company doctors. Mother & Child Health Care Centre: In 2007, the Company built a 20 bedded fully equipped and furnished Mother and Child healthcare hospital in Mirpur Mathelo with a capital cost of Rs. 12.5 Million. The center has been handed over to the Local District Government Ghotki as a commitment from MGCL to the locals.

NEW EXPLORATION BLOCKS


Notwithstanding the inhibitions of inhospitable terrain where MGCL have acquired exploration blocks, MGCL remains committed to carrying out its social welfare programmes in coordination with local Governments. After carrying out survey of various blocks, the main focus of their development activities remains on provision of clean drinking water, improvement of existing health and education facilities. Some of their projects have already been completed and others are in the pipeline. These projects are handed over to the District Government after completion as per Government policy. In tandem with progress of their exploration activities, their new blocks in Balochistan and Sindh remain the focus of their CSR programmes despite many limitations. Salient features of their major CSR activities are:-

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Mari Gas Company Limited

Status (1) Ziarat Kach water supply scheme (Ziarat Block, District Harnai) (2) Construction of Boys Primary School at Dilwani (Zarghun, District Harnai) Handed over to PHE Department. Handed over to Education Department GOB

(3) Construction of lined water channel at Dilwani The Project was near completion but it was badly damaged due to flashfloods. Ongoing Projects (1) Renovation/Provision of furniture etc to Boys High School Khost (Ziarat Block, District Harnai) (2) Renovation of Jamia Masjid Khost (Ziarat Block) (3) Repair of Dispensary at Khost (4) Repair and widening of Track to village Dilwani Future Projects Necessary coordination is being carried out with District Governments for planning of new projects which include improvement of existing facilities as well as new projects.Some of the projects which have been identified so far are:1. Extension of Ziarat Kach water supply scheme (Ziarat Block, District Harnai). 2. Improvement of Health and Education facilities in Hanna and Harnai Blocks (District Harnai). 3. Improvement of facilities at School for Special Children, District Shikarpur (Sukkur Block). 4. Renovation of Boys Primary School Ghot Ali Gohar Shar All these projects are nearing completion Status

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Mari Gas Company Limited

(Sukkur Block, District Shikarpur). 5. Renovation of Mosque at Ghari Syed (Sukkur Block).

MARI D & P LEASE AREA


MGCL has no commitment to carryout social work programmes in Mari D&P lease area. However, as a responsible corporate entity, sustainable development of the areas where MGCL works as an operator is embedded in its exploration and operational activities. Its CSR budget for Mari D&P has been almost doubled for next fiscal year. MGCL has even ventured out to collaborate with its sister Companies and other nationally recognized philanthropists in the field. The salient aspects of CSR programmes through collaboration are:1. Establishment of Technical Training Centre (TTC) At Dahraki 2. Collaboration with Qarshi for Herbal Treatment of Hepatitis-B positive cases 3. Assistance to Other Organizations.

DISASTER RELIEF
Our nation has been beset by natural disasters of massive scale in the last few years. MGCL and its employees contributed generously during earthquakes in Azad Kashmir/NWFP in 2005 and in Balochistan in 2008. Their employees voluntarily reached in calamity hit areas during earthquakes and personally supervised erection of shelters, provision of medicines and relief goods. MGCL and its employees once again rose to the occasion and provided much needed relief goods to the IDPs camps established due to the security situation in Swat and Buner Districts.

ENCOURAGING SPORTS
1. MGCL extended financial assistance of Rs. 1 Million to Tennis Federation of Pakistan.

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Mari Gas Company Limited

2. Ms. Sara Mehboob Pakistan Women Tennis No.1 player was sponsored by Mari Gas Company to participate in ITF World Junior Championship in UAE from 16th to 31st Jan 2009.

EDUCATION FOCUS
MGCL strongly believes in contributing towards improving the literacy rate of the poverty stricken community. This effort can be best being seen in the significant contribution made towards basic education at Mari Field Community. Following are the projects undertaken: 1. Middle school at Kherohi. 2. Primary school near well no.8 & 55. 3. Primary school at Suria Badshah and kaloo Buriro 4. Madrassas & Industrial home for females at Kherohi. 5. Miscellaneous donations, laboratory equipments, furniture in the vicinity of MGCL field Female Vocational Center: MGCL is supporting economic empowerment local female community through various income generation activities, as part of these activities; MGCL has set up a vocational center which aims to train the area by promoting and enhancing their existing skills in producing traditional craft.

INFRASTRUCTURE FOCUS
Communication Network: Mari Field area lies within the vicinity of a desert region and there was no road infrastructure. The company has constructed an excellent road network, comprising of: 1. 2. 3. 4. 5. 6. 57 Km metalled road. 308 Km dirt road. Construction of 13 bridges over canals. Total Capital Expense since inception: Rs. 325 Million Total Maintenance & operating expense per year: Rs. 14 Million. A better road network also proved to be a bonus for the local farmers.

Supply of Potable Water: The scarcity of drinking water in the desert area of the Mari Field has been a source of great inconvenience for the local inhabitants. Company has installed a hand pumps and 13

Mari Gas Company Limited

constructed overhead water tanks which are filled through water tankers to supply the potable water for the community members.

HEALTH SAFETY & ENVIRONMENT


Mari Gas Company Limited is committed to undertake all its business with a view to minimize potential Health, Safety & Environmental risk to its employees, environment, contractors, customers, neighbors, communities, stakeholders, others affected by its activities and the public at large. Policy Statement: The Company will develop, implement and maintain effective HSE management systems for health, safety and environment that are consistent with internationally recognized standards and enable it to: 1. Prevent accidents and provide a secure working environment by safeguarding the Company, its assets and property, and operations against risk of injury, loss or damage. 2. Take all reasonable precautions to control and prevent pollution or damage to the environment and surroundings. 3. Executing all operations in a proper, prudent manner in accordance with good oilfields practices. 4. Have commitment for continual improvement in HSE performance and ensure efficient use of natural resources. 5. Discourage actions inflicting any potential HSE risk. 6. Have commitment to adopt relevant legislations and meet other requirements and comply with statutory obligations. To implement this policy, MGCL will: 1. Identify and mitigate the HSE hazards stemming from its operations, especially prevention of spills, wastes and emissions. 2. Conduct environmental operational audit to optimize its performance. 3. Encourage and reward timely identification and reporting of risks. 4. Impart regular HSE training to increase the level of awareness amongst the employees. 5. Develop Company-wide control protocols for potentially fatal risks in the business and implementing a fatal incident management procedure. 6. Continue to drive improvement through effective safety leadership, line accountability, and behavioral change and awareness programs. HSE related issues will be mainly looked after by the HSE department of the Company and all the issues will be promptly brought to the notice of the management. The policy is to be implemented via detailed management standards and standard operating procedures, the requirements of which must be met at all operations.

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Mari Gas Company Limited

FINANCIALS
The authorized share capital of the Company is Rs. 2,500,000,000 divided into 250,000,000 shares of Rs.10 each. Shareholder Fauji Foundation Government of Pakistan OGDCL General Public Total %age 40% 18.2% 20% 21.8% 100% Amount (Rupees in Million) 294.00 133.77 147.00 160.23 735.00

Under the terms of Participation and Shareholders Agreement, the original Shareholders i.e. Fauji Foundation, GOP and OGDCL have the pre-emption right to purchase the shares if offered for sale by any of the three parties. Return to the Shareholders: The guaranteed return to the shareholders of the Company has been increased from 22.5% per annum to 30% per annum with effect from July 01, 2001. The shareholders are also entitled to further increase in return on incremental gas production from the present level to 425 MMSCFD (at the rate of 1% for every 20 MMSCFD of gas or equivalent oil produced , prorated for part thereof on annual basis) subject to maximum of 45% per annum Gas Pricing: Price of the gas produced from Mari Gas Field is determined by the Price Determining Authority of the Government under the provisions of Mari Gas Wellhead Price Agreement. The gas price formula under the agreement allows the Company:1. Operating expenses as approved by the Board of Directors in the annual plan and budget. 2. Exploration expenses upto US$ 20.00 million per annum or 30% of the gross sales revenue, whichever is less. 3. 30.0% return on defined shareholders funds - guaranteed to increase by 1% for every additional 20 MMSCF/Day of gas produced beyond 425 MMSCF/D, upto a maximum of 45%. 4. Repayment of borrowing for development project financing The formula thus provides the profitability at a fixed level and ensures the financial liquidity of the Company. Contribution to National Economy:

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Mari Gas Company Limited

The Company has made significant contribution in the countrys development by providing raw material to the fertilizer industry and supplying gas to WAPDA for power generation. Contribution to the national exchequer is to the tune of over Rs.12.00 billion per annum. On a regional level, the Company has not only provided jobs to the local population but also created infrastructure in its areas of operations, which has significantly helped in local development. In an area of worst energy crisis in the history of Pakistan, MGCL proudly enjoying the matchless record of providing uninterrupted gas supply to the national energy mix since last 43 years. One of the largest oil & gas exploration & production companies in Pakistan, the MGCL is shouldering the national burden to produce 11.6 % of the total gas production of the country.

GRAPH SHOWING PRICE, EARNINGS AND DIVIDENDS OF MGCL

SWOT ANALYSIS OF MGCL:


Strength:

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Mari Gas Company Limited

1. 2.

Integrated Management System (IMS) policy. Strong portfolio of assets.

Weakness: Declining market share in sector. Dependency on third party distributors. Opportunities:
1. 2. 1. 2.

Development of Zarghun gas field. Expansion into new geographical markets.

Threats:
1. 2.

Intense competition. Impact of financial crises on E&P investments.

CONCLUSION
What is CSR? Who does it benefit? And why should companies engage in it? The CSR focuses on doing well for those who are affected by corporations actual line of business. The CSR looks at legal rights including human rights and build policies and practices that enhance them. There are many incentives, socially and by incentives of corporation, in order to enhance CSR in their working environment. Mostly corporations inherit the CSR culture usually for personal image gains rather than out of generous behavior and actual consideration. But it we look at it on the other side, as long as good is being done for the community as a whole, it doesnt matter what the actually purpose was for those steps taken. CSR OF MGCL: MGCL is a Pakistan based oil and gas company. The company hasaitsainterestsaina13ablocksalocatedainaPakistanaandaabroad.sOneaofatheaoperateda blocks are ZIARAT BLOCK, KARAK BLOCK, SUKKUR BLOCK etc. MGCLawasaincorporatedaonaDeca4rth,a1984awithashareaholdingabyatheaGOVTaofa Pakistan,aFaujiafoundationaandaOilaandagasadevelopmentacompany.aMGCL has made a sincere effort by involving people in developing projects. They have set their programs and objectives in a sustainable manner such as:
1.

Local social sector development based on community priorities, needs and requirements. 17

Mari Gas Company Limited

2.

Community motivation, awareness and effective participation in development projects.

Theacompanyahasaundertakenahealthcareaprojectsaasawellaandainatheamostadeprived areaaofathearegionasinceathealasta20ayears.aItahasalaunched a maternity home project inatheaVillageaDadaLeghariaconsidering the essential need of medical facilities forafemaleapatients. Notajustatheacompany,abutatheaemployeesaasawellaindividuallyaplayingatheiraroleaagainstatheahighlyainfectiousadiseaseai.eaTuberculosisa(TB)aat their own level and setup MARI MEDICAL TRUST. They have also made a 20 bedded fully equipped MOTHER AND CHILDERN HEALTH CARE CENTRE in Maripur. ItsanoteworthyahereathataMARIaGASaFIELDaliesawithinatheadesertaregionawhereathereawereanoainfrastructurearoad.aTheacompanyaalsoainstalledahandapumpaandaconstructedaoverheadawateratanksatoaovercomeatheascarcityaof drinking water in the deserted area. Mariagasahasaprovidedaaagreataamountaofasocialaserviceaandawelfareainasuchaareas whichaareadeprived,aneverabeenaheardaofaoratakenaintoaconcernsafor most of the companies.aAreasaincludeaKherohi,aSuriaabadshah and kaloo buriro where schools are beingabuiltaforachildren.aMGCL could have improved its image in other ways, but theacompanyahasasilentlyaworkedahandainahandaonatheirasocialaresponsibilityabyahelp ingapeopleainaneedaandasuffering,abyahelpingathemastandaonatheirafeet,atheyamake sureathatatheagenerationathatafollowsathemahasaallatheaopportunitiesaofafurtheradevelpment. MGCLaalsoaacknowledgeathataalthoughatheiracompanyacanacauseaseriousapollution & socialaharmabutatheyaalsoaacknowledgeathatapreventingamisuse of their Oil and Gasaproductionsaisainatheiralongatermastrategies interest and is therefore consistent with theiraeconomicaobjective. They recognize that long term growth is best being built on an ethical and responsible foundation. Inathealast,abyainvestingainaCSR,acompaniesaareainvestingainasustainabilitya& broader economic,asocialaandaenvironmentalagoal, CSR remains a beaming light of success of improvingathearoleaofabusiness in society, but also an ongoing challenge to which companiesamust remain vigilant especially in emerging markets.

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