MIRA
INFORM REPORT
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Report Date : |
17th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
AZZAWIYA
OIL REFINING COMPANY |
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Registered Office : |
45 Km, West of Tripoli,
Tripoli |
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Country : |
Libya |
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Date of Incorporation : |
16.09.1976 |
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Com. Reg. No.: |
1572 |
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Legal Form : |
STATE OWNED CONCERN |
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Line of Business : |
General oil and gas field
services & Manufacture of asphalt felts and coatings |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
Company name
Azzawiya Oil Refining Company
Registration Briefing
Registration Number: 1572
Registration Date: 16/09/1976
Legal Form: STATE OWNED CONCERN
Latest Financials: N/A
Financial Briefing
Nominal Capital: 100,000,000 Libyan
Dinar
Issued Capital: All
Turnover: 45,000,000 Libyan
Dinar
Net Profit: 4,500,000 Libyan
Dinar
Net Worth: N/A
Rating Briefing
Current Rating: Ba
Former Rating: N/A
Current Recommended Credit: 937,500 Libyan Dinar
Former Recommended Credit: N/A
Rating Trend: POSITIVE
Payment Record: NO COMPLAINTS
Company Details
Reference: 10250688
Company Name: Azzawiya
Oil Refining Company
Company acronym: ARC
Headquarter Address: 45
Km, West of Tripoli,
Tripoli,
Libya
Postal Address: P.O.Box
6451,
Tripoli
Telephone: +218
213610539
+218 213610540
+218 213610541
+218 213610542
Fax: +218
213610543
E‑Mail: infoazzawiya@azzawiyaoil.com
Web Site: www.azzawiyaoil.com
Company was
originally started on 16/09/1976
Registration & Legal Details
Current Legal Form: STATE
OWNED CONCERN
Registration Address: 45
Km, West of Tripoli,
Tripoli
Registration Number: 1572
Registration Date: 16/09/1976
Year/Date Company Established: 16/09/1976
Registration Town: Tripoli
Tax Registration Number: 5
Capital
Currency: Libyan Dinar
Nominal Capital: 100,000,000
Issued Capital: All
Paid Up Capital: All
Shareholders
Parent Company: National Oil
Corporation / NOC,
Bashir Saadawi street,
Tripoli,
Libya
% Shares Held: 100.00%
Year Started: 1970
Parent Operates as: Asserting the realization of petroleum
related development plans, and supervising the operation and investment activities
of the projects.
Principals
Name: Mr Mohamed
Bou‑Zeid
Position within the company: Chairman
Country of Birth: Libya
Nationality: Libyan
Can fluently speak: English
& Arabic
Education: Graduate
University
Name: Mr Sadek Al
Woheishy
Position within the company: Financial Manager
Country of Birth: Libya
Nationality: Libyan
Can fluently speak: English
& Arabic
Education: Graduate
University
Name: Mr Moustafa
Salem
Position within the company: Purchasing Manager
Country of Birth: Libya
Nationality: Libyan
Can fluently speak: English
& Arabic
Education: Graduate
University
Name: Mr El‑Seyd
El‑Tayeb
Position within the company: Administration Manager
Country of Birth: Libya
Nationality: Libyan
Can fluently speak: English
& Arabic
Education: Graduate
University
Company Activities
Sic Codes:
1389 General oil and gas field services ‑ 50%
2952 Manufacture of asphalt felts and coatings ‑
50%
Azzawiya Oil Refining Company (ARC) a wholly owned subsidiary of National oil Corporation ( NOC ) and is incorporated under Libyan commercial law since 1976. The first refinery started production in 1974 with a capacity of 60,000 bpsd producing ( LPG, Naphtha, Gasoline, Kerosene (jet & D), Gas oil , Heavy fuel oil ) in 1977 production capacity was doubled to 120,000 bpsd by operating the second refining unit .
The Refinery designed to produce products to meet latest specifications of international standards, it equipped with environment preservation instruments to prevent air and water pollution , it has all the safety requirements and supplied with all associated units for utility needs like power generation , steam production , desalination units and air compressors and tank farm for storing crude oil , intermediate and finished products.
The company deals in the following:
1‑ Crude Oil Refining.
2‑ Crude Oil Blending.
3‑ Asphalt.
4‑ Marine operations and services.
5‑ Township:
Refinery has its own township with all modern amenities
where essential employees are housed.
6‑ Distillation Units:
Two atmospheric distillation plants each with a nameplate
capacity of 60,000 BPSD and are capable to process almost all Libyan crude oil
and produce naphtha, kerosene light and heavy gas oil and fuel oil. Crude
Distillation unit is accompanied by desolater, which removes/decrease salt
content to an acceptable level both topping units have stabilizers to get rid
of lighter gases which is diverted to fuel gas system.
7‑ Marine Operation:
Refinery has its own Harbor Facilities with a single point
mooring buoy, 27 meters deep to accommodate vessels up to 100,000 Tons
capacity, 30 meters deep to accommodate vessels up to 140,000 tons and 23
meters deep is present to accommodate 5,000 to 20,000 tons product for loading
and unloading.
8‑ Naphtha Hydrotreaters:
Two naphtha hydro treaters each with a capacity of 11,300
PBSD are there to remove/decrease sulfur compounds, nitrogen compounds and
other heavy metallic compounds and to prepare feedstock for catalytic
reformers. Each unit is also accompanied with a splitter to separate light
naphtha and heavy naphtha.
9‑ Plat forming Units:
Two plat forming units each with a capacity of 7,850 BPSD
utilizes heavy naphtha as feedstock produces reformat, which is used as
blending stock for the production of gasoline. Plat forming unit also produces
LPG as a bye‑product.
10‑ Light Naphtha Unit:
To remove/decrease light gases so as to conform to
specification limit so that it can be used as blending stock for gasoline.
11‑ Kerosene Hydrotreaters:
Two kerosene hydrotreaters are utilized to produce
desulfurised kerosene or to produce Jet A‑1 meeting International
Standards by removing/decreasing sulfur compounds and other impurities.
Capacity of each unit is 9,650 BPSD.
12‑ Maintenance:
ARC management provides great attention to maintenance field
owing to its immense importance to provide continuous and safe operation of
process units/utilities/tank farm. With this viewpoint, ARC has been keen to
secure specified material and technical support as a basis for all maintenance
activities. Each discipline has been entrusted to well‑experienced and
specially trained group with motivation for team spirit for carrying out the
job. These activities include planning, follow‑up, programming and
performing of bi‑annual turnaround for the process units and utilities,
at one time or separately.
Maintenance activities also include modifications or small
projects and monitoring of executions various workshops (mechanical, electrical
and instrumentation and civil maintenance) are there to execute various types
of maintenance activities.
Subject has an ultra‑modern laboratory equipped with
latest equipment to test for crude oil, intermediate and finished products,
inputs and output for utility units. Workshops for mechanical, electrical,
instruments, vast warehouses, fire fighting brigade and other auxiliary
facilities are provided with.
The company imports spare parts from Europe, France, Norway
& Sweden.
Local Reporters consider the investigated company to be
LARGE in their field of concern.
Operations
Employees
Company Employs: 2500
Figure is approximate
HQ Premises
Operates from: Owned
Office , Factory, Warehouse
Location: Industrial Area,
Main Road
Branches
Benghazi,
Libya
Branch is: Owned
Description of branch: Office, Factory, Warehouse
These premises operate as: an asphalt plant, Tel: 218‑213610539,
Fax:
218‑213610543.
Benghazi,
Libya
Branch is: Owned
Description of branch: Office, Factory, Warehouse
These premises operate as: an asphalt plant, Tel: 218‑213610539,
Fax:
218‑213610543.
Al‑Zawiya,
Libya
Branch is: Owned
Description of branch: Office, Factory, Warehouse
These premises operate as: Crude oil blending factory, Tel:
218‑213610539, Fax:
218‑213610543.
Imports
Import % and type of product: 100% Finished Goods
Imports From: Europe,
United Kingdom, France, Norway, Sweden
Importing Terms: Letters
of credit
Additional Information: Importers of all
products related to the field.
Importers of spare parts.
Exports
Export % and type of product: Subject does not export
Trading & Selling
Territory: 100%
Nationally
Type of Customer: Government
Bodies, Local Authorities, Petroleum companies
Related Companies
Affiliates
THE ARABIAN GULF OIL
COMPANY
El Kish,
Benghazi,
Libya
Start Date: 1971
Operates as: The Arabian Gulf Oil Company established by law
no. (115/71) issued by the revolutionary council on the 7th of
December 1971 is An exploration company in which the shares of the British
petroleum company (BP) were nationalized in concession no.65 covering the Sarir
field. On the 7th of April 1971 the company started by operating one oil field
( sarir ) and one oil terminal ( Marsa El Hrega /
Tobruk ) . Agoco over the years has extensively developed
and now , it undertakes the production and op
Other information: P.O Box . 263 Benghazi, Tel: 218‑21228931/7
Waha Oil Company
OFF AIRPORT ROAD,
Tripoli,
Libya
Start Date: 1955
Operates as: Waha oil company is one of the major national
companies engaged in the field of oil and gas production , its incorporation
date was in 1955, when oasis oil company was incorporated as an operator for
three American companies . Waha oil company started its operation on Libyan
soil in 1956 and succeeded in discovering oil in commercial quantities in the
area north of bahi oil field , the company continued its successful operation
after that date , and in 1960, waha and defa oil fields were discov Other
information: Tel: 218‑213337161, Fax: 218‑213337169.
ZUEITINA OIL COMPANY
Sidi Issa, Dahra,
Tripoli,
Libya
Start Date: 1986
Operates as: ZUEITINA OIl Company was established in 1986 as
a Libyan incorporated company to carry out the whole oil operations which was
started by Occidental International back in 1966, and had been nationalized in
1986. Main Aim of ZUE:
To produce crude oil, natural gas, and condensate at minimum
cost and optimum recovery, with great concern given to environment care.
Other information: Tel: 218‑213338011.
RAS LANUF OIL & GAS
PROCESSING (RASCO)
Ras Lanuf, Sidi Issa,
Tripoli,
Libya
Start Date: 1982
Operates as: RASCO is an incorporated national company
existing under the laws of Great Socialist People’s Libyan Arab Jamahiriya
(G.S.P.L.J), wholly owned by National Oil Corporation (NOC); the company is
governed by the rules and regulations of its foundation stated in the Decision
of the Company General Assembly No.1 of the year 1987. The company created by
Decision of General People’s Committee No.137 of the year 1982 and amended by
Decision No.523 of the year
1986. The Activity of the Company & its Pro
Other information: Tel: 218‑214800823.
Brega Petroleum
Marketing Rime
Reference: 10250290
Costal road,
Tripoli,
Libya
Operates as: Storage, distribution and marketing of
petroleum products.
Other information: Tel: 218‑3611222.
National Oil Well Drilling and
Workover Company
Omar Mukhtar street,
Tripoli,
Libya
Operates as: The National Drilling Company was established
in 1972 as a join stack company . The national oil corporation (NOC) , as a
first step , owned (51%) of the stocks, and Saipem Italian company owned (49%)
of the shares, with a capital of LD, (150,000) . The mission of the company and
its activities are to provide technical support, Carry out all land and marine
drilling services including water wells drilling , Maintenance of oil wells for
all operator companies , Achievement of drilling prices bala
Other information: Tel: 218‑213609830.
HAMADA PIPE LINE COMPANY
Marsa Al Brega,
Tripoli,
Libya
Operates as: Hamada Pipe Line Company , specializing in pipe
line construction , tank maintenance and other related petrochemical projects
in various oil fields in Libya.
Other information: Tel: 218‑214808710.
National Oil Fields and Terminals
Catering Co.
Airport road Km3,
Tripoli,
Libya
Operates as: To provide all oil companies with catering
foodstuff, and accommodation services.
Other information: Tel: 218‑214802329.
Petroleum Research Center
Tourist City,
Tripoli,
Libya
Operates as: Conducting scientific research supporting the
oil industry.
Other information: Tel: 218‑214830022.
Agip Oil Limited
Dahra,
Tripoli,
Libya
Operates as: Conducting exploration and oil and gas
production operation.
Other information: Tel: 218‑213335135.
Veba Oil Operations
Magharba street,
Tripoli,
Libya
Operates as: Veba Oil Operations Company works through its
site on the Libyan coast , owing the largest Oil port working in Jamahiriya ,
exporting about two thirds of Jamahiriya production through Ras Lanuf Oil Port
, connected with lines and pipes connections its Oil – Fields with this Port .
In addition to exporting production of more than neighboring fields and of five
fields of its own . This distinguished position makes it one of the most
important Companies working in the field of exploring , productio
Other information: Tel: 218‑213330081.
SIRTE OIL COMPANY FOR Rime Reference: 10243784
PORDUCTION MANUFACTURING
OIL & GAS
Marsa El Brega,
Tripoli,
Libya
Operates as: Sirte Oil Company (SOC) is an operating company
located 120km east of Tripoli in the town of marsa el brega. It is one of the
largest operating subsidiary of the National Oil Corporation of Libya .
SOC’s diverse operations include exploration , production ,
manufacturing and transmission service of crude oil and natural gas , the
extraction and processing of LPG and naphtha , the manufacturing of methanol ,
ammonia , urea and the liquefaction of natural gas (LNG) for domestic and
European e
Related through: common shareholders
Other information: Tel: 218 ‑ 213610376 ‑ 218 ‑
213610390
Petroleum Training and
Qualifying Institute
Gergarish Road (9)KM,
Tripoli,
Libya
Operates as: Training and qualifing technicians to provide
the petroleum industy with qualified working force.
Bankers
National Commercial Bank,
Branch: Main
Tripoli,
Libya
Account Number: 146
Currency: Libyan
Dinar
Financial Information
Financial Interview Date: 15/11/2006
Source: Mr. Sadek Al
Woheishy Financial Manager
Figures are: Official
Figures
Currency: Libyan Dinar
Months Sales Figures Sale
Gross Profit/Loss Net Profit/Loss
12 31/12/2006 50,000,000
(Projection) 5,000,000
(Projection)
12 31/12/2005 45,000,000.00 4,500,000
12 31/12/2004 40,000,000.00 4,000,000
Payments
Subject's payments reported to
be: NO COMPLAINTS
Representation
Responsible to: National
Oil Company / NOC
Bashir Saadawi street, Tripoli, Libya
Interview & Reporter Comments
Date: 15/11/2006
Name/Title: Mr.
Sadek Al Woheishy Financial Manager
Comment:
Subject has confirmed the
general details shown in the report.
Subject has offered brief financial data only and refused to
provide full financial information.
Expansion Plans:
Implementing all the plans and
policies related to the petroleum activities of Libya, with the objective of
securing and developing the petroleum wealth and its best exploitation.
Reporter Comment Date: 15/11/2006
Reporter Comment:
In the interview conducted with
Mr. Sadek Al Woheishy, Financial manager, he declined further financial
information citing the grounds of company confidentiality.
As per its legal form, the company is owned by the
Government. The business is run by Employees (employees of the state). The
company's profit making organizations.
It is responsible to National Oil Company / NOC.
As the company is a state owned concern, local informants
consider that Adequate Resources should be made available for normal business
requirements.
Conclusions
Accounts Comments:
Only Brief Financial data has
been obtained by the subject, our assessment and ratings are therefore based on
the reliability of the data obtained.
Local Reputation:
The company being investigated
is considered by local reporters to be a Fair / Normal
Trade Risk.
General Conclusion:
As a State‑owned concern
adequate resources should be made available.
Owner/Shareholders Comments:
The owners / shareholders do not
have an active role in the running of the business.
Financial Results Trend:
Financial Information indicates
that the business activities of the company are showing an upward turn.
Age of Business:
The company is long established
in the local market.
RATING EXPLANATIONS
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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. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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