Dunham: No Turning Back From Business Globalization.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--Feb. 8, 2000 Companies that don't learn to manage political risk run the risk of being replaced in an interconnected world, predicted Conoco Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Archie W. Dunham. &uot;In the process of globalization globalization Process by which the experience of everyday life, marked by the diffusion of commodities and ideas, is becoming standardized around the world. Factors that have contributed to globalization include increasingly sophisticated communications and transportation , there are obstacles,&uot; Dunham explained. &uot;But there's no turning back. People in developing countries have seen first-hand that free enterprise creates opportunity -- and they want more of it. The petroleum industry can and should be a strong advocate for creating a truly interconnected world.&uot; Dunham told an audience of executives at the Cambridge Energy Research Associates Cambridge Energy Research Associates, also known as CERA, is a consulting company that specializes in advising governments and private companies on energy markets, geopolitics, industry trends, and strategy. annual conference that, &uot;The global economy of the future will be one in which capital, goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. move seamlessly among countries. Ideas, information and technology will be shared more openly and more companies -- large and small -- will participate in the global marketplace, serving a world market, rather than a market defined by politics or geographic limits.&uot; In addition, Dunham said energy companies will face tremendous change as they learn to successfully negotiate the growth of e-business, increase their focus on sustainable development Sustainable development is a socio-ecological process characterized by the fulfilment of human needs while maintaining the quality of the natural environment indefinitely. The linkage between environment and development was globally recognized in 1980, when the International Union , navigate a more demanding business environment and simultaneously attract &uot;knowledge workers.&uot; &uot;In the past, petroleum companies have tended to focus on 'hard assets,' -- production platforms and refineries, pipelines and C-stores. Too often, we looked at human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. as a cost,&uot; he added. Today, Dunham said employees are &uot;creators of value.&uot; &uot;Innovation, decisiveness and new approaches to capturing value ahead of the competition. These are the advantages that come from the minds of our people.&uot; In addition to attracting the right talent, Dunham said future energy &uot;superstars&uot; will be those companies that have a clear vision and are quick and aggressive in responding to opportunities. &uot;Having these attributes isn't a matter of size. It is a matter of leadership,&uot; he added. &uot;In Syria, for example, Conoco saw an opportunity for harnessing a large associated natural gas stream that was being flared flare v. flared, flar·ing, flares v.intr. 1. To flame up with a bright, wavering light. 2. To burst into intense, sudden flame. 3. a. . We responded with a creative technical and commercial approach that will turn this resource into a clean and valuable product for the people of Syria,&uot; Dunham said. &uot;In short, we saw an opportunity to capture value for Conoco and Syria and we acted on it.&uot; Conoco (NYSE NYSE See: New York Stock Exchange :COCA)(NYSE:COCB) is a major, integrated energy company based in Houston and active in over 40 countries. |
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