A wholly owned subsidiary is a company that is completely owned by another company. The company that owns the subsidiary is called the parent company or holding company. The parent company will hold all of the subsidiary's common stock. Since the parent company owns all of the subsidiary's stock, it has the right to appoint the subsidiary's board of directors, which controls the subsidiary.
A joint venture (JV) is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. This task can be a new project or any other business activity.
In a joint venture (JV), each of the participants is responsible for profits, losses, and costs associated with it. However, the venture is its own entity, separate from the participants' other business interests.
These are monopolistic contracts that do not specify the conditions that benefit the participating state with the investing company. Participation and dividend rates shall be determined according to the percentages specified with the conditions of the right of obtaining a percentage of employment in the company and the right of training for the cadres of the state to be carried out by the company for the benefit of the participating country.
Centers & Institute
The oil training institutes and centers formed in the National Oil Corporation aim at the following:
- Rehabilitation and preparation of mid-level staff in the oil and other specialties scientifically and practically and give them the required certificate to meet the need of the oil sector of them
- Preparing and setting up rehabilitation and development courses for different levels and competencies of the oil sector staff.
- Developing the technical skills of the cadres through field and practical training in the oil sector companies and departments.