INTERNATIONAL PROJECT ANALYSIS AND FINANCING POLLIO G. Księgarnia

International Project Analysis and Financing

Preface

This book grew out of lectures on project analysis and financing given by the author in classrooms, workshops and seminars organised by universities, financial institutions and training consultancies in Europe, the Middle East and the Far East. The earliest versions of these lectures were concerned overwhelmingly with natural resource projects, the industrial sector the author is most familiar with. Over time, the scope of the analysis and the case studies used to illustrate these principles have expanded in terms of both industrial and geographic coverage. Still, the book retains to a very considerable extent its original energy and mineral orientation. Nor is this inadvertent: natural resource sectors remain major users of limited recourse debt, while the fallout from the recent Asian financial crisis could easily result in the recovery of their former pre-eminent market position.

Numerous articles and books have been written over the past decade or so covering virtually every facet of the project finance market in varying degrees of comprehensiveness. A glance at the references given at the back of this book may surprise some readers, indicating as it does how widespread the literature on this topic is. Accordingly, some justification may be needed to explain the appearance of yet another study on a subject that looks so well catered for. What differentiates the present study from most others is the conviction that project analysis and financing are two sides of the same coin. This may sound obvious, but in practice authors who write about project financing normally assume readers possess an understanding of the principles of investment analysis and vice versa. This book makes no such assumption. Indeed, the title is intended to convey the author's firm belief that the two subjects are of equal significance. Having said that, it should be emphasised that readers are not expected to have a background in finance, only an interest in the subject. All of the principles needed to make sense of this book are developed as an integral part of the analysis.

In the course of writing this text, I have acquired numerous intellectual debts. As already indicated, the background to this study is a series of lectures given at various places over the past several years. Participants, I am pleased to say, responded positively to the lectures. I would, however, like to express my appreciation to all those individuals who by their questions or suggestions helped to clarify and ultimately improve the content and presentation of the material contained in this book. I was indeed fortunate in being able to incorporate into the present volume the comments of so many individuals made over so long a period of time. One individual, however, should be singled out by name. Professor Roger Wooten, Dean of the School of Engineering, City University, read and commented upon an earlier version of this study. Finally, an earlier version of Chapter 5 was published in Energy Policy.

Gerard Pollio

232 pages

Księgarnia nie działa. Nie odpowiadamy na pytania i nie realizujemy zamówien. Do odwolania !.