The branch of a foreign bank which does not accept deposits from local residents, but accepts deposits from other foreign banks and OBU’s, in addition to making Eurocurrency loans. They have limited

A firm which is headquartered in another country, where it is registered or where the investors of the firm reside.

Countries such as Singapore, Luxembourg, etc which offer little to no government interference in the activities of legitimate business owners and financial institutions. OFC’s offer very low income tax rates, often zero

A mutual fund that is located in financial center that is located in another country, which is also referred to as offshore financial center (OFC)

A country or area that has few restrictions on businesses located there and negligible income tax, which is different from an individual’s home country. Offshore havens provide various services such as international

Manufacturing or assembly at an offshore facility due its relatively cheaper labor and raw material costs. The finished goods are then imported into the manufacturer’s home country.

Work completed at a much lower cost for the company by the people in another country. Also, offshore outsourcing is used to accomplish tasks that the company is sometimes ill-equipped to deal

A trust that is set up in a location, usually another country, different from the trustor’s location.

The transfer of the operations of a company to another country with favourable economic conditions or due to the availability of cheap labor in the other country.

Improvements such as sidewalks, utility lines and sewers that developed off site, that add value to the onsite improvements and thus the entire development.

A storage facility to protect the storage of magnetic media, microfilm, etc, usually at a remote location. Nowadays, sites rent out space on their hard drives to customers that allows easy storage

Accomplishment of tasks by a third party service provider or manufacturer that saves the company on monetary and labor costs.

An agreement that takes place between a producer and a buyer before the construction of a facility, that guarantees a market for the future production of a facility. This increases the chances

A type of limited partnership that offers minimal threat to the participating partner in the field of the discovery, extraction and purification of oil and natural gases, as the most losses that

A program formerly headed by the US Bureau of Land Management that established the auction program for oil and gas leasing. It is also referred to as the oil and gas lottery

Products such as drill pipe and pipe casings that are utilized in the petroleum industry

1. An oil producing area such as the Gulf of Mexico 2. A colloquial term that refers to the oil industry

A law that was passed in 1990 by the US that places civic liability on tanker vessels and facilities that explore and transport oil, for the removal and damages incurred due to

A harbor located in the middle of the sea to accommodate giant tankers and as such they are equipped with the tools and machines to load, receive and store oil

A layer of crude or refined oil covering a large area of the soil or sea water caused by a leaking oil tanker.