%20-%20166465%2019-Jan-2012_files/image002.jpg){kind=small}
MIRA INFORM REPORT
|
Report Date : |
19.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
ABU DHABI GAS INDUSTRIES LIMITED (GASCO) |
|
|
|
|
Registered Office : |
Sheikh Khalifa
Energy Complex, Corniche Road, P O Box 665, Abu Dhabi |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Date of Incorporation : |
23.07.1978 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Processing associate and non-associate gas from onshore oil production |
|
|
|
|
No. of Employees
: |
5,000 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
US$ 10,000,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment
Behaviour : |
No Complaints |
|
|
|
|
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
United Arab Emirates |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SUMMARY
Company Name : ABU DHABI GAS INDUSTRIES LIMITED (GASCO)
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Limited Liability Company – LLC
Start Date : 23rd July 1978
Registration Date : 11th February 1979
Trade Licence Number : 4304
Chamber Membership Number : 6724
Issued Capital : US$ 425,000,000
Paid up Capital : US$ 425,000,000
Total Workforce : 5,000
Activities :
Processing associate and non-associate
gas from onshore oil
production
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 10,000,000
COMPANY NAME
ABU DHABI GAS INDUSTRIES LIMITED (GASCO)
company ADDRESS
Registered &
Physical Address
Building : Sheikh Khalifa Energy Complex
Street : Corniche Road
PO Box : 665
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6037337 / 6037399
Facsimile : (971-2) 6037414
Email : info@gasco.ae
/ gascohq@emirates.net.ae
Premises
Subject operates
from a large suite of offices that are owned and located in the Central
Business Area of Abu Dhabi.
Branch Office (s)
Subject operates four processing plants located at Asab,
Habshan/Bab, Bu Hasa, and Ruwais.
KEY PRINCIPALS
Name Position
·
Mohamed
Abdullah Sahoo Al Suwaidi Managing
Director
·
Alain
Delaytermoz Operations
Manager
·
Abdullah
Al Minhali Technical
Manager
·
Rashed
Al Shamsi Administration
Manager
·
Ahmed
M. Al Beiti Finance
Manager
·
Rashed
Annoon Human
Resources Manager
·
Adel
Salem Al Kaff Commercial Manager
LEGAL FORM & OWNERS
Date of Establishment : Subject was
founded on 23rd July 1978 and was registered on 11th
February 1979
History : In April 2001, Abu Dhabi Gas Company (Atheer) was merged with Gasco, which lead to a further enhancement to Gasco's position as one of the largest gas processing companies in the world and one of the biggest industrial projects in the UAE.
Legal Form :
Limited Liability Company -
LLC
Trade Licence No. : 4304
Chamber Member No. : 6724
Issued Capital : US$ 425,000,000
Paid up Capital : US$ 425,000,000
Name of Shareholder
(s) Percentage
·
Abu Dhabi National Oil Company (ADNOC) 68%
Adnoc Building
Corniche Road
PO Box: 898
Abu Dhabi
Tel: (971-2) 6020000
Fax: (971-2) 6023389
Email: info@adnoc.com
·
Totalfina Elf 15%
·
Shell Abu Dhabi 15%
·
Partex 2%
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
·
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
·
Abu
Dhabi Company For Onshore Oil Operations (ADCO)
ADCO Building
Corniche Street
PO Box: 270
Abu Dhabi
Tel: (971-2) 6040000 / 6666100
Fax: (971-2) 6669785
·
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
·
Abu
Dhabi Petroleum Ports Operating Company (ADPPOC)
PO
Box: 61
Abu Dhabi
Tel: (971-2) 6777300
Fax: (971-2) 6766903
·
The
National Marine Services Company (NMS)
PO Box: 7202
Abu Dhabi
Tel: (971-2) 6277777
Fax: (971-2) 6268239
·
Zakum
Development Company (ZADCO)
PO
Box: 46808
Abu Dhabi
Tel: (971-2) 6050000
Fax: (971-2) 6789448
·
Abu
Dhabi Gas Liquefaction Limited (ADGAS)
PO
Box: 3500
Abu Dhabi
Tel: (971-2) 6061111
Fax: (971-2) 6065500
·
Abu
Dhabi Oil Refining Company (TAKREER)
PO
Box: 3593
Abu Dhabi
Tel: (971-2) 6027000
Fax: (971-2) 6027272
·
Ruwais
Fertilizer Industries (FERTIL)
PO
Box: 2288
Abu Dhabi
Tel: (971-2) 6021111
Fax: (971-2) 6728084
·
Abu
Dhabi Polymers Company Limited (Borouge)
PO
Box: 6925
Abu Dhabi
Tel: (971-2) 6312333
Fax: (971-2) 6312299
·
Abu
Dhabi National Tanker Company (ADNATCO)
PO
Box: 2977
Abu Dhabi
Tel: (971-2) 6277733
Fax: (971-2) 6272940
·
National
Gas Shipping Company (NGSCO)
PO
Box: 2600
Abu Dhabi
Tel: (971-2) 6271400
Fax: (971-2) 6274305
·
Abu
Dhabi National Oil Company For Distribution (ADNOC Distribution)
PO
Box: 4188
Abu Dhabi
Tel: (971-2) 6771300
Fax: (971-2) 6722322
OPERATIONS
Activities: Gasco is the operating company in Abu Dhabi responsible for processing associate and non-associate gas from onshore oil production.
With a process capability of 5,500 million standard cubic feet of feed gas (MMSCFD) per day and producing 285,000 barrels of condensate, 4,500 tonnes of sulphur and 28,000 tonnes of NGL per day, GASCO is currently one of the largest gas processing companies in the world.
GASCO’s industrial complex, one of the biggest in the United Arab Emirates, is composed of four desert plants – Asab, Bu Hasa, Habshan and Bab and Ruwais – and a pipeline network which process and deliver a range of marketable products such as methane (C1), to industrial customers; ethane (C2), to Borouge; and propane (C3), butane (C4), paraffinic naphtha (C5+), granulated sulphur and condensate, exported all over the world.
GASCO is currently implementing several major projects involving modifications / expansions to the existing plant facilities as well as installation of new Gas Processing facilities at various plant locations. During the year 2010, 6 Mega Projects with total capital investments of about US$ 7.0 Billion (viz. Habshan 3 & 4, Ruwais Train 3, Asab 2, Offshore Associated Gases Package 2 & 3 and NGL Pipelines Replacement) have been completed successfully and are currently under operation, meeting the design throughputs and product specifications. Another project "Ruwais Sulphur Expansion – Phase 3 is nearing completion.
Currently 12 new EPC Projects with an estimated capital
investment in excess of US$ 13 Billion are under various stages of execution.
Once completed, GASCO will become one of the largest gas processing companies
in the world.
In addition 4 Projects are in EPC Tendering Stage and 6 are in Pre-FEED / FEED
Execution Phase.
GASCO's Major Projects Group, comprising of an integrated team of specialists
covering the entire range of Project Management functions (Viz. Project
Management, Engineering, Project Controls, Contracting & Procurement,
Quality Assurance, HSE, Construction, Commissioning and Interface Management),
is responsible for execution and management of all Major Projects right from
the concept stage up to the stage of commissioning, Performance Test Run and
Handover to Operations.
Import
Countries: Germany, United
Kingdom, United States of America and Canada
Export
Countries: Japan
Brand Names: GASCO GAS
Subject has a
workforce of approximately 5,000 employees.
FINANCIAL DATA
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
·
Abu
Dhabi Investment Authority
PO Box: 3600
Abu Dhabi
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Abu Dhabi Gas
Industries Limited (Gasco) was established in 1978 and is the operating
company in Abu Dhabi responsible for processing associate and non-associate gas
from onshore oil production. It operates four processing plants located at
Asab, Habshan/Bab, Bu Hasa, and Ruwais.
The company is mainly owned by Abu Dhabi National Oil Company (ADNOC),
as well as Totalfina Elf, Shell Abu Dhabi, and Partex.
During the course
of this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled. As such the
company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.67 |
|
UK Pound |
1 |
Rs.77.72 |
|
Euro |
1 |
Rs.64.63 |
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.