YELENA KALYUZHNOVA is the Director of the Centre for Euro-Asian Studies and a Senior Lecturer in the Economics Department at the University of Reading, UK. Her academic background includes research on transitional economies and macroeconomic issues. Dr Kalyuzhnova is the author of the first major study of the Kazakhstani economy (1998). She has contributed to a wide variety of economic studies for international organisations.

'An invaluable way to advance our understanding of the Caspian oil and gas industry is by studying the objectives, strategies and policies of the main actors in its development - those of both companies and governments. Yelena Kalyuzhnova's book provides just such an examination, framed in the growing economic literature on management of natural resource wealth. The book is a timely resource for policy makers, investors and researchers with an interest in this important and expanding region and industry.' - Steven Fries, Chief Economist, Royal Dutch Shell, and Visiting Professor, Department of Economics, University of Oxford, UK 'At last we have a book which places the role of government and policy where it belongs: at the centre of the oil and gas development story. This is an impressively researched study; a sober and well-informed appraisal which does not attempt to over-hype the oil and gas potential of the Caspian region.' - Professor Jonathan Stern, Director of Gas Research, Oxford Institute for Energy Studies, UK

• PART I: THE ECONOMICS OF CASPIAN HYDROCARBON DEVELOPMENT Economic Development and Resource Dependency Management of Hydrocarbon Wealth: Oil Funds PART II: THE IMPACT OF OPERATING COMPANIES Major Oil and Gas Projects Companies and Governments Developing Local Content PART III: MODELS AND POLICIES FOR THE FUTURE Production, Revenues and Public Spending Policies for Sustainable Development

YELENA KALYUZHNOVA is the Director of the Centre for Euro-Asian Studies and a Senior Lecturer in the Economics Department at the University of Reading, UK. Her academic background includes research on transitional economies and macroeconomic issues. Dr Kalyuzhnova is the author of the first major study of the Kazakhstani economy (1998). She has contributed to a wide variety of economic studies for international organisations.

'An invaluable way to advance our understanding of the Caspian oil and gas industry is by studying the objectives, strategies and policies of the main actors in its development - those of both companies and governments. Yelena Kalyuzhnova's book provides just such an examination, framed in the growing economic literature on management of natural resource wealth. The book is a timely resource for policy makers, investors and researchers with an interest in this important and expanding region and industry.' - Steven Fries, Chief Economist, Royal Dutch Shell, and Visiting Professor, Department of Economics, University of Oxford, UK 'At last we have a book which places the role of government and policy where it belongs: at the centre of the oil and gas development story. This is an impressively researched study; a sober and well-informed appraisal which does not attempt to over-hype the oil and gas potential of the Caspian region.' - Professor Jonathan Stern, Director of Gas Research, Oxford Institute for Energy Studies, UK

• PART I: THE ECONOMICS OF CASPIAN HYDROCARBON DEVELOPMENT Economic Development and Resource Dependency Management of Hydrocarbon Wealth: Oil Funds PART II: THE IMPACT OF OPERATING COMPANIES Major Oil and Gas Projects Companies and Governments Developing Local Content PART III: MODELS AND POLICIES FOR THE FUTURE Production, Revenues and Public Spending Policies for Sustainable Development

YELENA KALYUZHNOVA is the Director of the Centre for Euro-Asian Studies and a Senior Lecturer in the Economics Department at the University of Reading, UK. Her academic background includes research on transitional economies and macroeconomic issues. Dr Kalyuzhnova is the author of the first major study of the Kazakhstani economy (1998). She has contributed to a wide variety of economic studies for international organisations.

'An invaluable way to advance our understanding of the Caspian oil and gas industry is by studying the objectives, strategies and policies of the main actors in its development - those of both companies and governments. Yelena Kalyuzhnova's book provides just such an examination, framed in the growing economic literature on management of natural resource wealth. The book is a timely resource for policy makers, investors and researchers with an interest in this important and expanding region and industry.' - Steven Fries, Chief Economist, Royal Dutch Shell, and Visiting Professor, Department of Economics, University of Oxford, UK 'At last we have a book which places the role of government and policy where it belongs: at the centre of the oil and gas development story. This is an impressively researched study; a sober and well-informed appraisal which does not attempt to over-hype the oil and gas potential of the Caspian region.' - Professor Jonathan Stern, Director of Gas Research, Oxford Institute for Energy Studies, UK

• PART I: THE ECONOMICS OF CASPIAN HYDROCARBON DEVELOPMENT Economic Development and Resource Dependency Management of Hydrocarbon Wealth: Oil Funds PART II: THE IMPACT OF OPERATING COMPANIES Major Oil and Gas Projects Companies and Governments Developing Local Content PART III: MODELS AND POLICIES FOR THE FUTURE Production, Revenues and Public Spending Policies for Sustainable Development