A number of countries have recently discovered and are developing oil and gas reserves. Policy makers in such countries are anxious to obtain the greatest benefits for their economies from the extraction of these exhaustible resources by designing appropriate policies to achieve desired goals. One important theme of such policies is the so-called local content created by the sector—the extent to which the output of the extractive industry sector generates further benefits to the economy beyond the direct contribution of its value-added, through its links to other sectors. This paper provides a detailed description of the policy context, objectives, implementation tools, and metrics used in a select group of petroleum-producing countries, including Angola, Brazil, Indonesia, Kazakhstan, Malaysia, and Trinidad and Tobago. The information is further analyzed in the paper on Local Content in the Oil and Gas Sector, World Bank Studies, Washington D.C., 2013.

In recent years, Turkey has become an ever more important actor on the international stage. However, Turkey-EU relations still remain in a state of flux. The EU and Turkey seem to have moved apart in their political aspirations after Turkey’s EU accession talks faced a stalemate over the Republic of Cyprus’ EU accession as a divided island. Likewise, both Turkey and the EU have recently faced new socio-political realities, such as the Eurozone crisis, the Arab Spring and the Turkish government’s shifting foreign policy towards the Middle East region. Such developments have rendered EU membership potentially a less desirable prospect for an increasingly self-confident Turkey. In light of these recent events, this book explores the evolving challenges and opportunities facing the more than 50-year old Turkey-EU relationship. This volume focuses particularly on the role of the Cyprus issue, the potential for closer Turkey-EU cooperation in the aftermath of the Arab Spring, the impact on Turkish citizens and politics, as well as the concept of Europeanization, especially in relation to Turkey’s democratic reform process. In drawing together perspectives from the disciplines of international relations, political science and law, this book offers a unique, interdisciplinary outlook towards the changing role of Europe in Turkey’s political discourse. This book will be of interest to researchers and students of Turkey-EU relations, EU external relations Law, Europeanization and Turkish and Middle Eastern politics.

This unique book investigates the complex transformation of Turkey's foreign policy, focusing on changing threat perceptions and the reformulation of its Western identity. This transformation cannot be explained solely in terms of strategic choices or agency driven policies but encompasses power shifts and systemic transformations. Is Turkey shifting its axis? Will this affect its traditional Western-oriented foreign policy? The book begins by discussing the relationship between security and globalization, using examples of Turkey's regional positioning. It then focuses on to what extent the 'traditional' discourse on security in Turkish politics, which prevailed during the Cold War era and beyond, has undergone a change in the new era. This timely book is a much needed account of how pragmatism rather than ideology is the main determinant in Turkey's current foreign policy and should be read by all looking for a fresh and stimulating take on Turkey's response to globalization and the internationalization of security in the 21st Century.

Kuwait accounts for approximately 6.1% of the world’s proven oil reserves, with hydrocarbons revenues comprising more than 65% of the country’s GDP and 95% of total exports in 2013. Cautious budgetary decisions have resulted in large surpluses, creating a solid base for public expenditure programmes such as the National Development Plan, which is set to diversify the economy and boost employment. Although tapering the US Federal Reserve’s quantitative easing programme is likely to affect global liquidity and play a key part in growth prospects for 2014/15, the GCC economy is still forecast to expand by 4.1% for the year, and in Kuwait, where a handful of new PPP plans and deals are slated for 2014, there are promising signs that the year could be a landmark for economic growth and expansion.

This issue of the Bulletin has a number of articles covering various aspects of the maritime domain. They look at Malaysia's perspective on managing transboundary oil pollution damage from offshore exploration and exploitation activities, a report on the Sulu Sulawesi large marine ecoregion fisheries management project, issues relating to the creation of a network of marine protected areas, the Thai canal project as an possible alternative to the Straits of Malacca and other Southeast Asian maritime conduits, coastal blue carbon in relation to mangrove and seagrass conservation in Malaysia, and data issues in Malaysia's maritime industry.