Attachment 1
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Report
Update On |
21st June, 2003 |
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Report on |
ABU DHABI COMPANY FOR ONSHORE OIL
OPERATIONS |
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Registered Office |
ADCO Building, Corniche Street, P. O. Box 270, Abu Dhabi, U.A.E. |
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Tel. No. |
(971-2) 6040000, 6666100 |
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Fax No. |
(971-2) 6669785 |
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E-Mail |
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Telex |
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Attachment 2
SUMMARY
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Incorporated |
08.10.1978 |
Status |
Satisfactory |
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Registration No. |
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Chief Executive |
D. K. Wodward |
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Capital (UAE Dh) |
10,000,000 |
Payments |
No Complaints |
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Sales (UAE Dh) |
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Litigation |
Clear |
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Net Worth (UAE Dh) |
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Banking Reputation |
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No. of Employees |
2,000 |
Auditors |
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Credit Rating |
Ba (See attachment 3) |
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SUMMARY
Company Name :
ABU DHABI COMPANY FOR ONSHORE OIL
OPERATIONS (ADCO)
Country of Origin :
Abu Dhabi, United Arab Emirates
Legal Form :
Joint Stock Company
Registration Date :
8th October 1978
Issued Capital :
UAE Dh 10,000,000
Paid up Capital :
UAE Dh 10,000,000
Total Workforce :
2,000
Line of Business :
Operates
onshore and in shallow coastal water of
the Emirates of Abu Dhabi.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
ADDRESS
Registered & Physical Address
Building : ADCO Building
Street : Corniche Street
PO Box : 270
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6040000 / 6666100
Facsimile : (971-2) 6669785
Premises
Subject operates
from a large suite of offices that are owned and located in the Central
Business Area of Abu Dhabi.
KEY PRINCIPALS
Board of Directors
·
H.E. Suhail
Faris Al Mazrui Chairman
·
Rashid S. Al
Suwaidi Board
Member – ADNOC
·
Mohamed Al
Qubaisi Board
Member – ADNOC
·
R.I. Wiseman Board
Member – BP
·
D.G. Turner Board
Member – Shell
·
A. Ait Said Board
Member – Total
·
F.W.
Schneider Board
Member – Exxon
·
P.E. Chelico Board
Member – Mobil
General Management
·
D.K.
Woodward General
Manager
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R.S. Al
Jarwan Operations
Manager
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R.E. Cornich Technical
Manager
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Dr R.G.
Bailey Administration
Manager
LEGAL FORM & OWNERS
Registration Date : 8th
October 1978
Legal Form :
Joint Stock Company
Issued Capital : UAE Dh 10,000,000
Paid up
Capital : UAE Dh 10,000,000
Name of Shareholder (s) Percentage
·
Abu Dhabi
National Oil Company (ADNOC) 60.00%
Adnoc Building
Corniche Road
PO Box : 898
Abu Dhabi
Tel : (971-2) 6020000
Fax : (971-2) 6023389
Email : info@adnoc.com
·
BP
Exploration Company (Middle East) Ltd 9.50%
PO Box: 1699
Dubai
United Arab Emirates
Tel: (971-4) 2224181
Fax: (971-4) 2281947
·
Total –
Compagnie Francaise des Petroles (CFP-Total) 9.50%
5 Rue Michel Ange
92069 Paris Cedex 47
France
Tel: (33-1) 42914000
Fax: (33-1) 42914291
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Shell
Petroleum Company Ltd 9.50%
One Shell Plaza
Houston
Texas 77252
United States of America
Tel: (1-713) 2414083
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Exxon
Corporation 4.75%
225 East John Carpenter Speedway
Irving
Texas
United States of America
Tel: (1-214) 4441000
·
Mobil Oil
Corporation 4.75%
3225 Gallows Road
Fairfax
VA 22037-0001
United States of America
Tel: (1-703) 8463000
Fax: (1-703) 8464669
·
Participations
and Explorations Corporation (Partex) 2.00%
Kenner
Los Angeles
California
United States of America
AFFILIATED COMPANIES
Subject is a member of the ADNOC Group of Companies, which consists of
the following concerns :
·
National Petroleum
Construction Company Ltd (NPCC)
Plot No. 71, Street 7, Zone No. 6
Mussafah Industrial Area
PO Box : 2058
Abu Dhabi
Tel : (971-2) 5549000 / 5599000
Fax : (971-2) 5549111 / 5599111
Email: npccnet@emirates.net.ae
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Abu Dhabi
Drilling Chemicals And Products Co Ltd (ADDCAP)
Mussafah Industrial Area
PO Box :
46121
Abu Dhabi
Tel : (971-2) 6029000
Fax : (971-2) 6029010
Email : addcap@addcap.co.ae
·
Zakum Development
Company (ZADCO)
PO Box : 46808
Abu Dhabi
Tel : (971-2) 6050000
Fax : (971-2) 6669448
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Abu Dhabi
Marine Operating Company (ADMA-OPCO)
ADMA-OPCO Building
Umm Al Nasr Street
Tourist Club Area
PO Box : 303
Abu Dhabi
Tel : (971-2) 6060000 / 6064320
Fax : (971-2) 6266005 /
6064848
·
National
Drilling Company (NDC)
PO Box : 4017
Abu Dhabi
Tel : (971-2) 6776100
Fax : (971-2) 6779937
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Abu Dhabi
Petroleum Ports Operating Company (ADPPOC)
PO Box :
61
Abu Dhabi
Tel : (971-2) 6777300
Fax : (971-2) 6766903
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The National
Marine Services Company (NMS)
PO Box : 7202
Abu Dhabi
Tel : (971-2) 6277777
Fax : (971-2) 6268239
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Abu Dhabi
Gas Industries Limited (GASCO)
PO Box :
665
Abu Dhabi
Tel : (971-2) 6041111
Fax : (971-2) 6047414
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Abu Dhabi Gas
Liquefaction Limited (ADGAS)
PO Box :
3500
Abu Dhabi
Tel : (971-2) 6061111
Fax : (971-2) 6065500
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Abu Dhabi
Oil Refining Company (TAKREER)
PO Box :
3593
Abu Dhabi
Tel : (971-2) 6027000
Fax : (971-2) 6027272
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Abu Dhabi
Gas Company (ATHEER)
Abu Dhabi
Tel : (971-2) 6027533
Fax : (971-2) 6027588
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Ruwais
Fertilizer Industries (FERTIL)
PO Box :
2288
Abu Dhabi
Tel : (971-2) 6021111
Fax : (971-2) 6728084
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Abu Dhabi
Polymers Company Limited (Borouge)
PO Box :
6925
Abu Dhabi
Tel : (971-2) 6312333
Fax : (971-2) 6312299
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Abu Dhabi
National Tanker Company (ADNATCO)
PO Box :
2977
Abu Dhabi
Tel : (971-2) 6277733
Fax : (971-2) 6272940
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National Gas
Shipping Company (NGSCO)
PO Box :
2600
Abu Dhabi
Tel : (971-2) 6271400
Fax : (971-2) 6274305
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Abu Dhabi National
Oil Company For Distribution (ADNOC Distribution)
PO Box :
4188
Abu Dhabi
Tel : (971-2) 6771300
Fax : (971-2) 6722322
LINE OF BUSINESS
Operations : The Abu Dhabi
Company for Onshore Oil Operations (ADCO) operates onshore and in shallow
coastal water of the Emirates of Abu Dhabi.
The original concession agreement was made
with Petroleum Development (Trucial Coast) Ltd on 11th January 1939
but geological work did not begin until after the Second World War. Exploratory
drilling began in Abu Dhabi in February 1950. The first commercial discovery
was made at Bab in 1958 and exports began from the Jebel Dhanna terminal on 14th
December 1963.
In 1962 the company was renamed the Abu Dhabi
Petroleum Company (ADPC). On 1st January 1973 the Abu Dhabi government
acquired a 25% interest that was increased to 60% a year later. The government
interest is held by Abu Dhabi National Oil Company (ADNOC).
Abu Dhabi Company for
Onshore Oil Operations (ADCO) was incorporated under Law No 14 for 1978 and has
been responsible since February 1979 for operations in the concession area,
which now covers more than 21,000 square kilometres.
The company produces from
five oil fields; Asab, Bab, Bu Hasa, Sahil and Shah. The fields are linked by more
than 450 kilometres of pipeline, with storage and shipping facilities at Jebel
Dhanna, where tankers load crude oil for markets in many parts of the world.
In 1991 an exploration
programme resulted in additions being made to ADCO’s reserves. By the end of
that year ADCO was operating eight land rigs, which were engaged in exploration
and development drilling and work over operations.
During 1998, Sahil oil field was developed and ADCO
increased the operating land rigs to 12, all owned by the National Drilling
Company.
Import
Countries : United States
of America, Europe and the Far East.
Operating
Trend : Steady
Subject has a
workforce of approximately 2,000 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in Abu Dhabi, United Arab Emirates are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
BANKERS
·
National
Bank of Abu Dhabi
Sheikh Khalifa Street
PO Box : 4
Abu Dhabi
Tel : (971-2) 6345777 / 6327113 / 6335262
Fax : (971-2) 6336078
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HSBC Bank
Middle East
PO Box : 242
Abu Dhabi
Tel : (971-2) 8004440 / 6147259
Fax : (971-2) 331564
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Incorporated in 1978, the Abu Dhabi Company for Onshore Oil
Operations (ADCO) operates onshore and in shallow coastal water of the Emirates
of Abu Dhabi.
The company is
partly owned by ADNOC, which is among the top ten oil producers in the world
and wholly owned by the Abu Dhabi government.
According
to local sources subject’s operating history is clear with no problems noted
regarding the manner in which payment obligations are met. We are of the
opinion that the subject would not enter into financial transactions it could
not see its way to fulfil. As such the above credit figure is considered to be
within subject’s financial means.
Attachment 3
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SCORE SHEET |
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SCORE |
CREDIT RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an
extremely sound financial base with the strongest capability for timely
payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate
working capital. No caution needed for credit transaction. It has above average
(strong) capability for payment of interest and principal sums |
Large |
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56-70 |
A |
Financial &
operational base are regarded healthy. General unfavourable factors will not
cause fatal effect. Satisfactory capability for payment of interest and principal
sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. Maybe drawn to
slightly difficult position as unfavourable conditions arise. Minimal assurance
for timely payment on interest and principal sums |
Moderate |
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26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively limited or considered
not known. Capability to pay both interest and principal sums is doubtful |
Small |
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11-25 |
Ca |
Adverse factors are
apparent. Repayment of interest and principal sums in default or expected to
be in default upon maturity |
Limited with full security |
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<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit not recommended |
Attachment 4
ACKNOWLEDGEMENT
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POOR |
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Further Comments/Suggestion :
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Company’s Stamp &
Signature