MIRA
INFORM REPORT
|
Report Date : |
19.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
NATIONAL OIL CORPORATION |
|
|
|
|
Registered Office : |
Noc Building, Bashir Saadawi Street , Off Sharia El Nasr, Tripoli |
|
|
|
|
Country : |
Libya |
|
|
|
|
Date of Incorporation : |
12.11.1970 |
|
|
|
|
Legal Form : |
State Owned Concern |
|
|
|
|
Line of Business : |
Extraction of crude petroleum |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
No Complaints |
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|
|
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
Libya |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
NATIONAL OIL CORPORATION
Registration Briefing
Registration
Number: N/A
Registration
Date: 12/11/1970
Legal
Form: STATE
OWNED CONCERN
Latest
Financials: N/A
Financial Briefing
Nominal
Capital: N/A
Issued
Capital: N/A
Turnover: N/A
Net
Profit: N/A
Net
Worth: N/A
Company Details
Company
Name: National
Oil Corporation
Company
acronym: NOC
Headquarter
Address: Noc
Building,
Bashir
Saadawi Street , Off Sharia El Nasr,
Gazwat
Alkhandag Aquare,
Tripoli,
Libya
Postal
Address: P.O.Box
2655,
Tripoli
Telephone: +218
213337141
+218
213337149
+218
213337151
+218
213337156
+218
214446180
+218
214446181
+218
214446182
+218
214446183
Fax: +218
213331930
+218
213614382
E‑Mail: info@noclibya.com
& chairman@noclibya.com
Web
Site: en.noclibya.com.ly
Company
was originally started on 12/11/1970
Registration & Legal Details
Current
Legal Form: STATE
OWNED CONCERN
Registration
Address: Noc
Building,
Bashir
Saadawi Street , Off Sharia El Nasr,
Tripoli
Registration
Date: 12/11/1970
Year/Date
Company Established: 12/11/1970
Registration
Town: Tripoli
Capital
Capital
is NOT disclosed.
Shareholders
Shareholders:
Name/Other
Information Shares Held % of Voting/Non‑Voting
capital
Libyan
Goverment, Holds
balance of shares
Libya
Principals
Name: Dr.
Shoukry Mohamed Ghanem
Position
within the company: Chairman
Date
of Birth: 9/10/1942
Country
of Birth: Libya
Nationality: Libyan
Can
fluently speak: English
& Arabic
Education: Graduate
Degree in Economics, University Of Libya University
Other qualifications include: 1975 PH.D. International
Economics, Fletcher School of Law and Diplomacy , Boston , Mass , U.S.A / 1
Name: Mr.
Ahmed Hadi Aoun
Additional
Information: Member
for Planning, Studies and Projects
Date
of Birth: 13/09/1953
Town
of Birth: Surman
Country
of Birth: Libya
Nationality: Libyan
Can
fluently speak: English
& Arabic
Education: Graduate Degree in B.Sc.
Chemical Engineering University of Californi University
Name: Mr.
Azzam Ali Elmesallati
Additional
Information: Member
for Investment and joint venture Follow up
Country
of Birth: Libya
Nationality: Libyan
Can
fluently speak: English
& Arabic
Education: Graduate
University
Name: Mr
Ramadan El Hesy
Position
within the company: Financial
Manager
Country
of Birth: Libya
Nationality: Libyan
Can
fluently speak: English
& Arabic
Education: Graduate
University
Name: Mr
Ali Al Saghiar Mohammed Saleh
Position
within the company: Deputy
Chairman & General Manager
Nationality: Libyan
Can
fluently speak: English,
Arabic
Name: Mr
Abul‑Ghasim shebani Shingher
Position
within the company: Member
& Of the board
Nationality: Libyan
Name: Mr
Musbah ali Matough
Position
within the company: Member Of
the board
Nationality: Libyan
Name: Mr
Salem Mohamed Ben_ gharbea
Position
within the company: Member Of
the board
Nationality: Libyan
Name: Mr
Abulanaser Khalifa Ghunedi
Position
within the company: Member Of
the board
Nationality: Libyan
Name: Mr
Ibrahim Ali Al Soul
Additional
Information: Member
of Admin & Financial Committee
Date
of Birth: 1948
Nationality: Libyan
Can
fluently speak: English,
Arabic
Education: Graduate Degree in Master
Degree in Accounting ‑ American University
Former Principals
Name: Mr.
Faraj Mohamed Said Mohamed
Position
within the company: Vice
Chairman
Date
of Birth: 1944
Country
of Birth: Libya
Nationality: Libyan
Can
fluently speak: English
& Arabic
Education: Graduate
Degree in BSc in Geology University of Libya University
Other qualifications include: 1978 Higher Diploma in Petroleum
Affairs Management IFP, France / 1974 Master Degree in Geological S
Company Activities
NACE
Codes: 0610 Extraction of crude petroleum
From the Subject website it was reported
that the National Oil Corporation (NOC) was established on 12 November 1970,
under Law No: 24/1970 to assume the responsibility of the oil sector
operations. It was later reorganized under Decision No: 10/1979 by the General
Secretariat of the General People's Congress, to undertake the realization of
the objectives of the development plan in the areas of petroleum, supporting
the national economy through increasing, developing and exploiting the oil
reserves and operating and investing in those reserves, to realize optimum
returns. In carrying out its activities, NOC may enter into participation
agreements with other companies and corporations carrying out similar activities.Therefore,
NOC is carrying out exploration and production operations through its own
affiliated companies, or in participation with other companies under service
contracts or any other kind of petroleum investment agreements. This is in
addition to marketing operations of oil and gas, locally and abroad. For this
purpose, NOC has its own fully owned companies which carry out exploration,
development and production operations, in addition to local and international
marketing companies. NOC also has participation agreements with specialized
international companies. Such agreements have developed into exploration and
production sharing agreements, in accordance with the development of the
international oil and gas industry, and international petroleum marketing.NOC
owns refining, and oil and gas processing companies, operating refineries such
as Zawia and Ras Lanuf refineries, ammonia, urea and methanol plants, the Ras
Lanuf petrochemical complex and the gas processing plant. To establish
petrochemical industries, another stage of development of the ethylene plant
has been completed, as well as the low and high density lineal polyethylene
plants.NOC also owns national service companies which carry out oil well
drilling and work over operations, provide all drilling materials and
equipment, lay and maintain oil and gas pipelines, build and maintain oil and
gas storage tanks and carry out related technical and economic studies. They
also provide the sector with other services, such as catering, procurement of
materials and equipment, training and employment of foreign employees.Also
affiliated to NOC is a petroleum research centre which carries out research and
technical studies related to the oil industry, conducts technical analysis and
tests for the various stages of exploration and production of oil and petroleum
products, performs quality control tests and issues certificates in this
respect. It also evaluates patents and licenses of exploitation and the fees
and forms related to oil operations and petroleum products. It publishes the
studies carried out by the centre in the publication of the centre, as well as
the local and international scientific publications.
Local
Reporters consider the investigated company to be LARGE in their field of
concern.
Operations
Employees Company
Employs: 900
HQ Premises Operates
from: Owned Offices , Factories
Location: Industrial Area
Branches Jamal
Abd El Nasser St,
Bangazi,
Libya
Description
of branch: Office
through
Tripoli extention,
Ras
Lanouf,
Libya
Branch
is: Owned
Description
of branch: Office
Exports
Export
% and type of product: Subject does
not export
Trading & Selling
Territory: 100%
Nationally
Type
of Customer: Group
Companies
Related Companies
Subsidiaries
Arabian
Gulf Oil Company /
Agoco
P.O.Box
263, Owned
100% by subject
Benghazi
/ El Keish,
Libya
Start
date: 1971
Operates
as: Gas & oil exploration & production. www.agocoil.com
Tel:
218‑61‑2228931/7, Fax: 218‑61‑2229006
Sirte
Oil Co. for Production
Manufacturing
Oil and Gas / SOC
P.O.Box
385 Marsa El Brega, Owned 100%
by subject
Sharq,
Tripoli,
Libya
Start
date: 1955
Operates as: Production of crude petroleum
& gas. Oil & gas field exploration services. www.sirteoil.com.
Tel:
218‑21‑3610390, Fax: 218‑21‑3610705
AZAWIA
OIL REFINING COMPANY
INC
P.O.
Box 6451, Owned
100% by subject
Tripoli,
Libya
Start
date: 1976
Operates as: Oil Refinery.
infoazzawiya@azzawiyaoil.com, WWW.AZZAWIYAOIL.COM.
Tel: 218‑21‑ 3610539, FAX: 218‑21‑3610543
Ras
Lanuf Oil & Gas Processing
Co
/ Rasco
P.O
BOX 2323, Tripoli, Owned
100% by subject
Ras
Lanuf,
Libya
Operates as: Refinery production, an Ethylene
Plant, Polyethylene Plants, and associated Utilities
Facilities. WWW.RASLANUF.COM. Phone:218‑21‑3605177
to 82, 218‑61‑2230271 to 78,
Fax: 218‑21‑3605174
Brega
Petroleum Marketing Co
P.O.Box
402 Tripoli, Owned
100% by subject
Azzawia
El Tareek El Sahly,
Libya
Operates as: Oil extracts & products
transmission & distribution. Tel: 218‑21‑3611222/6, Fax: 218‑21‑3608153
NATIONAL
OIL WELLS DRILLNG &
WORKOVER
COMPANY
P.O.Box
1106 Omar Mukhatar St, Owned 100% by
subject
Tripoli,
Libya
Operates as: Oil well maintenance &
drilling. Tel: 218‑21‑3609833,3332411. Fax:218‑21‑4446743
JOWEF
OIL TECHNOLOGY
NOC
Building No.207 Shajra Sq, Owned
100% by subject
Benghazi,
Libya
Operates
as: Oil equipment supplier.
National
Oil Fields and Terminals
Catering
Company
Libya
Affiliates
ZUEITINA
OIL LIBIA
Sidi
Issa,
TRIPOLI,
Libya
Operates as: produce crude oil, natural gas,
and condensate at minimum cost and optimum
recovery,
with great concern given to environment care.
Related
through: common principals
ENI
GAS BV ‑ LIBYAN BRANCH
Dat
El Imad Complex – Tower 1,
Tripoli,
Libya
Related
through: common principals
ENI
OIL CO. Ltd
El‑Dahera
Kebira street,
Tripoli,
Libya
Related
through: common principals
Waha
Oil Company
International
airport road Km 4.5,
Tripoli,
Libya
Related
through: common principals
VEBA
OIL OPERATIONS
Janet
Al Arief,
Tripoli,
Libya
Related
through: common principals
Akakus
Oil Operations
El
Tahaddi street, Off airport road,
Tripoli,
Libya
Related
through: common principals
Total
Exploration & Production
Libya
DHAT
EL EMAD TOWERS, 12‑ 13
FLOOR,
TRIPOLI,
Libya
Related
through: common principals
TOTAL
Libya (C.P.T.L)
Dhat
El Imad Complex, 8th Floor,
Tripoli,
Libya
Related
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International
Braspetro
B.V. Libya
Al
Fateh Tower 2, 15th floor ‑ rooms
156
‑ 157,
Tripoli,
Libya
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Japex
Libya LTD
Al
Fatah Tower No2, 6‑Floor Office
66‑67‑68‑69,
Tripoli,
Libya
Related
through: common principals
WINTERSHALL
LIBYA
The
Commercial Center,
Tripoli,
Libya
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through: common principals
British
Gas
Libya
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through: common principals
Chines
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Libya
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through: common principals
Petrocanada
Libya
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through: common principals
Gaz
Prom
Libya
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through: common principals
Rwe
Libya
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through: common principals
Oxy
Libya
Libya
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through: common principals
Petromina
Libya
Related
through: common principals
ONGC
Libya
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through: common principals
Stat
Oil
Libya
Related
through: common principals
Nippon
Libya
Related
through: common principals
Shell
Libya
Related
through: common principals
Teikoku
Libya
Related
through: common principals
Sonatrach
Libya
Related
through: common principals
Chevron
Texaco
Libya
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through: common principals
Inpex
Libya
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through: common principals
Oil
India
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through: common principals
Woodside
Libya
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through: common principals
Exxon
Mobile
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Tatneft
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Amerada
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Bankers
Information on Bankers is not available/applicable
Payments
Subject's payments reported to be: UNDETERMINED
Interview & Reporter Comments
Comment: We have
been unable to contact a company official.
Reporter
Comment: We
tried to contacts Subject Company several times but ?
unfortunately we are getting no answer,
taking into consideration that the country is
facing
political troubles for over a month.
However, the information provided in our
report is the latest information we have in
hand, and in case any updates are received
we shall send it to you at once
All the information shown in the report was
gathered from a previous interview done
on 09/2007 & from the company web site
(en.noclibya.com.ly).
Local company’s registry is inaccessible to
inspect subject's file, therefore, all the
information shown in the report is through a
direct contact with the subject you are
investigating.
Conclusions
Accounts Comments: Full Financial Statements were unavailable to local analysts so
a complete and
accurate picture of the financial strength
of the company could not be ascertained.
Our assessment and ratings are therefore
based on non‑financial data.
Local Reputation: The company being investigated is believed by local
reporters to be a High 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.
Age of Business: The company is long
established in the local market.
Clippings
Source: Corporate
Website
NOC
elected as one of the world’s top five youth education program organizers:
The Petroleum Economist Magazine grants
annual awards relating to the petroleum industry for various categories.
One such category is Best Youth
Education Program, which NOC participated in with a paper regarding programs
for qualifying new graduates which is currently being carried out by NOC, as
well as NOC’s program of granting 100 opportunities to the most significant
graduates from technical faculties to pursue higher studies abroad. NOC was
elected as one of the top five youth program organizers amongst 100
international participating organizations. The awards will be assigned for all
categories on 12th September in London.
Date: 03/05/2007
Source: Corporate
Website
The
Committee for the Annual Report Preparation holds its 4th meeting:
The Committee for the preparation of the
Annual Report, held its 4th meeting on 2nd May 2007 at NOC headquarters and was
chaired by Eng. Ahmed Aoun, Member of the Management Committee for Planning,
Studies and Research. The purpose of the
meeting was to review the activities performed during 2006 by NOC and its
affiliates, as well as discussing the planned work programs and budgets for
2007. Discussions also covered the
reasons behind the obstacles which prevented finalization of some objectives,
as well as reasons for the delay in approving 2007 objectives.
Date: 19/04/2007
Source: Corporate
Website
N O C
and The Dow Chemical Announce Joint Venture To Expand Petrochemical Complex
:
Tripoli,
Libya and Midland, MI, USA ‑
April 18, 2007
National Oil Corporation of Libya (NOC) and The Dow
Chemical Company (DOW) have announced plans to participate in a joint venture
to operate and expand the Ras Lanuf petrochemical complex in Libya. The Country
(Libya) recently embarked on a policy of attracting foreign expertise and
investments which will lead to further reintegration into the global
economy. Dow is the first global
chemical company to participate in such economic development of the Libyan
petrochemical industry. The investment supports the Libyan government’s
economic policy in diversifying its domestic economy by expanding its
downstream industries; including petrochemical and basic product
manufacturing. Enhancements at the Ras
Lanuf petrochemical complex on the Mediterranean coast will position the joint
venture for future growth as a world‑class supplier of polyethylene and
polypropylene.
Through the joint venture, Dow will help upgrade
and modernize existing assets to develop more high‑skilled jobs in
country and stimulate investments in associated industries by utilizing its
technical capabilities. “We are very enthusiastic about the opportunity for Dow
to participate in this project with NOC and work together to invest in this
dynamic part of the world,” said Andrew Liveris, chairman and CEO of Dow. “This venture is consistent with Dow’s
strategy to grow its position in Basic Plastics and Chemicals through joint
ventures. Our participation in the partnership with NOC at Ras Lanuf will
benefit from an advantaged strategic location on the Mediterranean and
competitive feedstock. This activity
also represents another example of Dow’s commitment to the region.”Dr. Shukri
Ghanem, Chairman of NOC, said, “We are delighted our companies are negotiating
an agreement of this nature for the benefit of the Libyan economy. The partnership will bring a respected global
company and its expertise together with a proven National enterprise to upgrade
and produce world grade products while enhancing the technical abilities of the
Libyan workforce.”The joint venture agreement encompasses the Ras Lanuf site’s
existing naphtha cracker, two polyethylene production facilities and associated
infrastructure. The project will include refurbishment and expansion of the
existing units, followed by construction of an ethane cracker and additional
polyethylene and polypropylene facilities.
Later phases will include construction of additional hydrocarbon,
plastics and chemical production facilities based on natural gas.The Ras Lanuf
petrochemical complex is on the Mediterranean coast of Libya and was built in
the 1980s. More information about the
complex is available at http://www.raslanuf.com/. About NOCNOC was established in 1970 to
implement the strategy of the Country’s policy in upstream and downstream oil
and gas activities. NOC, through wholly
and partially owned subsidiaries, runs a network of onshore/offshore oil, gas,
and product facilities for domestic and export markets. Presently NOC produces about 1.7 million
bls/day of crude oil and about 2.7 TSCFD of raw gas. NOC 5 petroleum refineries having a total
refining capacity of 380,000 lbs/day of methanol, ammonia, urea plants,
producing 2000 t/day, 2200 t/day and 2750 t/day respectively as well as
petrochemical facilities at Ras Lanuf based on Naphtha cracking producing about
330 kt/year Ethylene, 170 kt/year Propylene, 130 kt/year mixed C4’s and 325 kt/year Pyrolysis Gasoline. Part of Ethylene is used to produce about 80
kt/year LLDPE and 80 kt/year of HDPE.
Also affiliated to NOC is a petroleum research center which carries out
research and technical studies related to the oil industry and conducts
technical analysis and tests for the various stages of exploration and
production of oil and petroleum products to ensure quality control.About The Dow
Chemical CompanyDow is a diversified chemical company that harnesses the power
of innovation, science and technology to constantly improve what is essential
to human progress. The Company offers a broad range of products and services to
customers in more than 175 countries, helping them to provide everything from
fresh water, food and pharmaceuticals to paints, packaging and personal care
products. Built on a commitment to its principles of sustainability, Dow has
annual sales of $49 billion and employs 43,000 people worldwide. References to
“Dow” or the “Company” mean The Dow Chemical Company and its consolidated
subsidiaries unless otherwise expressly noted.
Note: The
forward‑looking statements contained in this document involve risks and
uncertainties that may affect the Company’s operations, markets, products,
services, prices and other factors as discussed in filings with the Securities
and
Exchange Commission. These risks and uncertainties
include, but are not
Date: 08/02/2007
Source: Corporate
Website
13th Annual Fertilizer Conference &
Exhibition :
Mr. Ahmed El‑Hadi Aoun, member of the NOC
Management Committee for Planning, Studies & Projects, participated in the
13th Annual Fertilizer Conference & Exhibition, organized by the Arab Union
for Fertilizers, as head of a delegation comprising of NOC and other oil
companies’ managers and experts.In this conference, taking place from 6‑8
February 2007 in Sharm El‑Sheikh, Egypt, Mr. Aoun was honored for his
efforts in supporting the Arab Union for Fertilizers and activating measures to
upgrade the Arab and international fertilizer industry. Libya is one of the establishing members of
the Union since the early seventies and it is represented in the Union by Sirte
Company for Oil & Gas Production & Processing.
Date: 25/01/2007
Source: Corporate
Website
The
Management Committee Member holds a meeting with Representatives of the General
Electricity Com :
Within
the framework of coordination and consultation between NOC and the General
Electricity Company concerning projects related to fuel for power generating
stations, a meeting was held on 22nd January 2007 between a number of NOC
specialists headed by Mr. Ahmed Aoun and representatives of the General
Electricity Company headed by Mr. Hadoud Abdul‑Nabi Hadoud, General
Manager of Projects Department Discussions covered various related key issues
and it was agreed between both parties to decide on an agenda to be renewed
periodically. Both parties also agreed to
set up a bi‑annual meeting schedule and it was decided that the first
meeting should take place mid February.
Key issues agreed upon are:
1. To determine and update a plan on the types
and requirements of fuel for power generating stations.
2. Establish a pricing mechanism for power generating
stations’ fuel.
3. Prepare a study on projects to establish
power generating stations in the proximity of fuel sources.
A
joint working team will be formed to review the following:
1. To provide fuel for the southern power generating
station.
2. The availability of surplus gas at Mellitah
compound.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.08 |
|
|
1 |
Rs.73.35 |
|
Euro |
1 |
Rs.64.30 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.