Naphthenes and Aromatics


The Nabucco-West pipeline (also referred to as the Turkey–Austria gas pipeline) is a proposed natural gas pipeline from the Turkish-Bulgarian border to Austria. It is a modification of the original Nabucco Pipeline project, which was to run from Erzurum in Turkey to Baumgarten an der March in Austria. The aim of the Nabucco pipeline is to diversify the natural gas suppliers and delivery routes for Europe, thus reducing European dependence on Russian energy. The original project was backed by several European Union member states and by the United States, and was seen as a rival to the South Stream pipeline project. The main supplier was expected to be Iraq, with potential supplies from Azerbaijan, Turkmenistan, and Egypt. The main supply for the Nabucco West was to be Shah Deniz gas through the proposed Trans-Anatolian gas pipeline (TANAP). The project is being developed by a consortium of six companies. Preparations started in 2002 and the intergovernmental agreement between Turkey, Romania, Bulgaria, Hungary and Austria was signed on 13 July 2009. After an announcement of the construction of TANAP, the consortium has submitted the Nabucco-West project. Construction of Nabucco-West depended on the gas export route decision by the Shah Deniz consortium. After Shah Deniz consortium decision to prefer the Trans-Adriatic Pipeline over Nabucco, Nabucco's shareholders have to decide the next steps for the project.


It is used primarily as feedstocks for producing a high octane gasoline component via the catalytic reforming process. Naphtha is also used in the petrochemical industry for producing olefins in steam crackers and in the chemical industry for solvent (cleaning) applications.

Native Gas

Gas originally discovered in a reservoir as distinct from injected gas.

Natural Gas

It is a gaseous fossil fuel consisting primarily of methane but including significant quantities of ethane, butane, propane, carbon dioxide, nitrogen, helium and hydrogen sulfide. It is found in oil fields, natural gas fields, and in coal beds (as coalbed methane).

Natural gas liquids (NGLs)

Natural gas liquids (NGLs) are hydrocarbons—in the same family of molecules as natural gas and crude oil, composed exclusively of carbon and hydrogen. Ethane, propane, butane, isobutane, and pentane are all NGLs. There are many uses for NGLs, spanning through nearly all sectors of the economy. NGLs are used as inputs for petrochemical plants, burned for space heat and cooking, and blended into vehicle fuel. Higher crude oil prices have contributed to increased NGL prices and, in turn, provided incentives to drill in liquids-rich resources with significant NGL content.


Net Asset Value, also known as book value or shareholders’ funds. This is an ‘as reported’ item from the latest reported balance sheet. Net asset values are an accounting item and may be unreliable as they are depended upon accounting policies.  Useful where assets values play a major role in valuation.


Net Dividend Per Share. Net dividend received by shareholders per share.

Nelson Complexity Index

An internationally acceptable metric expressing the technological level (“complexity”) of a refinery. The higher it is the more high-value products the refinery produces out of a crude oil barrel.  It was developed by Wilbur Nelson in 1960 and it is a measure of the secondary conversion capacity of a petroleum refinery relative to the primary distillation capacity. The higher the value of the index, the higher will be the cost of the refinery and the higher the value of its products, which will include lighter, higher-value, products.

Net (Acquisitions)/Disposals

Cash paid in respect of acquisitions of subsidiaries, associates and other investments.  If equity is used as consideration in an acquisition this would not be included here as it is a non-cash item.

Net Margin

Net Margin, Profit margin or Net Profit Ratio: All refer to a measure of profitability. It is calculated using a formula and written as a percentage or a number.

Net Working Capital

A measure of both a company's efficiency and its short-term financial health. The working capital ratio is calculated as:

Net Working Capital = Current Assets - Current Liabilities

Positive working capital means that the company is able to pay off its short-term liabilities. Negative working capital means that a company currently is unable to meet its short-term liabilities with its current assets (cash, accounts receivable, inventory). Also known as "working capital".


Non Fuel Retailing. The management of all the non-fuel facilities at the retail outlets.


NGPSs are those hydrocarbons in natural gas that are separated as liquids at natural gas processing plants, fractionating and cycling plants, and, in some instances, field facilities. Lease condensate is excluded. Products obtained include ethane; liquefied petroleum gases (propane, butanes, propane-butane mixtures, ethane-propane mixtures); isopentane; and other small quantities of finished products, such as motor gasoline, special naphthas, jet fuel, kerosene, and distillate fuel oil.


Net Income is what remains after subtracting all the costs (namely, business, depreciation, interest, and taxes) from a company’s revenues. Net income is sometimes called the bottom line. Also called earnings or net profit.


Net Income After Taxes. Total of operating income plus realized capital gains (losses) from investment and underwriting operations minus federal income taxes.


The National Ignition Facility, or NIF, is a large laser-based inertial confinement fusion (ICF) research device, located at the Lawrence Livermore National Laboratory in Livermore, California. NIF uses lasers to heat and compress a small amount of hydrogen fuel to the point where nuclear fusion reactions take place. NIF's mission is to achieve fusion ignition with high energy gain, and to support nuclear weapon maintenance and design by studying the behavior of matter under the conditions found within nuclear weapons. NIF is the largest and most energetic ICF device built to date, and the largest laser in the world.


Naftna Industrija Srbje. State-owned petroleum company of Serbia.


It is a chemical element which has the symbol N and atomic number 7. Elemental nitrogen is a colorless, odorless, tasteless and mostly inert diatomic gas at standard conditions, constituting 78.1% by volume of Earth's atmosphere. Nitrogen is a constituent element of all living tissues and amino acids. Many industrially important compounds, such as ammonia, nitric acid, and cyanides, contain nitrogen.

Nitrogen Oxides (NOx)

It is a general term that refers to the products of all combustion processes formed by the combination of nitrogen and oxygen.


The NOME Law (New Organization for the Electricity Market), adopted in 2010, sets out arrangements that are aimed at liberalizing the French electricity market from the former monopoly of the historic supplier EDF. This includes access to 100TWh/y of EDF’s historic baseload nuclear power to new entrants at a regulated price (known as the ARENH arrangement) and the removal of regulated tariffs for medium and large companies. A capacity obligation mechanism is also under way and is expected to be operational for the winter 2016/17. The latest proposals were consulted upon by the French TSO in late 2013 and are expected to be finalised and adopted in the first half of 2014. The report presents our understanding of the various arrangements under the NOME law.

Non Fuels

Goods offered in a PS other than fuels.


Net Operating Profit After Tax is a company's after-tax operating profit for all investors, including shareholders and debt holders. It is defined as follows:
NOPAT = Operating Profit x (1 - Tax Rate)
This assumes that the company had no debt. An alternative formula is as follows:
NOPAT = Net Profit After Tax + after tax Interest Expense – after tax Interest Income
Another fully equivalent expression is:
NOPAT = AdjEBIT − CashOpTax
AdjEBIT represents adjusted earnings before interest and taxes (adjusted EBIT)
CashOpTax represents cash operating taxes.
NOPAT is frequently used in calculations of Economic value added and Free cash flow.

Nord Stream

Nord Stream’s business model is to provide gas transportation capacity for the natural gas coming from western Russia for distribution into the European gas grid. The gas transportation system is comprised of its twin, 1,224-kilometre pipelines through the Baltic Sea. Each has the capacity to transport 27.5 billion cubic metres of natural gas a year. As operator, Nord Stream AG offers gas transportation capacities via its pipelines. This entails the day-to-day technical operation and commercial handling of gas transport (dispatching), the maintenance of all technical systems involved, continued liaison with permitting authorities in the countries through whose waters Nord Stream runs, as well as adhering to environmental management obligations and relevant technical standards (codes) of the respective permitting countries. A contractual framework is in place to ensure the transport of gas from the entry point of the Nord Stream pipelines in Vyborg, Russia to the exit point in Lubmin, Germany. Nord Stream AG does not own, buy or sell gas transported via its twin pipelines – the trade in natural gas is solely between the shipper and its respective business partners in Europe. In Germany, the gas is received by the connecting pipelines OPAL (Baltic Sea Pipeline Link) and NEL (North European Gas Pipeline) for further transport into the European grid. Gas transported through the Baltic Sea via the pipeline system is monitored 365 days a year, around the clock by Nord Stream experts. From Zug, Switzerland, the operators of the pipelines oversee all safety processes and parameters associated with gas transport from the Control Centre. There, they are in constant contact with the supplier of gas and the receivers to assess the flow of gas on a daily basis and to ensure that the pipelines are operating as planned.


Net Present Value of any future cash flows, discounted at a given IRR.  It is a standard method for the financial appraisal of long-term projects. Used for capital budgeting and widely throughout economics, it measures the excess or shortfall of cash flows, in present value (PV) terms, once financing charges are met.
By definition, NPV = Present value of net cash flows.


t: the time of the cash flow
n: the total time of the project
r: the discount rate
Ct: the net cash flow (the amount of cash) at time t.
C0: the capital outlay at the beginning of the investment time ( t = 0 ).


New To Industry. Green field PS.


Net Working Capital. It is defined as the sum of all non-interest-bearing current assets less all non-interest-bearing current liabilities.

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