|
Report Date : |
03.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
ABU DHABI
NATIONAL OIL COMPANY (ADNOC) |
|
|
|
|
Registered Office : |
ADNOC Building,
Corniche Road, 898 Abu Dhabi |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Date of Incorporation : |
27.11.1971 |
|
|
|
|
Legal Form : |
State owned
company |
|
|
|
|
Line of Business : |
Subject operates
in all areas of the oil and gas industry. |
|
|
|
|
No. of Employees : |
898 |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 |
United Arab Emirates - ECONOMIC OVERVIEW
The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the UAE has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US, however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. The economy is expected to continue a slow rebound. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE''s strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.
|
Source : CIA |
Company Name : ABU DHABI NATIONAL
OIL COMPANY (ADNOC)
Country of Origin : Abu Dhabi,
United Arab Emirates
Legal Form :
State owned company
Registration Date : 27th
November 1971
Membership Number : 5381
Issued Capital : US$
1,990,000,000
Paid up Capital : US$
1,990,000,000
Total Workforce : 4,000
Activities :
Subject operates in all areas of the oil and gas industry.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
ABU DHABI NATIONAL
OIL COMPANY (ADNOC)
Building : ADNOC Building
Street : Corniche Road
PO Box : 898
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6020000
Email : info@adnoc.com
Subject operates
from a large suite of offices that are owned and located in the Central
Business Area of Abu Dhabi.
Name Position
·
HE
Yousef Omair Bin Yousef Chairman
& Chief Executive Officer
·
Abdullah
Nasser Al Suweidi Managing
Director
·
Matar
Al Omairi Finance
Manager
·
Saeed
Saif Al Qamzi Administration
Manager
·
Mohamed
Dhaen Al Hameli Marketing
& Refining Manager
·
Mohammed
Buti Al Qubaisi Exploration
& Production Manager
·
Abdullah
Saeed Al Badi Chemicals
Manager
·
Mohamed
Sultan Al Hamadi Procurement
Manager
·
Ismail
Ramahi Corporate
Planning Manager
·
Saeed
Al Qamzi Planning
Manager
·
Eid A
Al Dhareef Al Shamsi Human
Resources Manager
·
Rashid
Al Rabai Public
Relations Manager
Registration Details : Abu Dhabi
National Oil Company (Adnoc) was established on 27th November 1971
as a
state owned company.
Membership No. : 5381
Issued Capital : US$ 1,990,000,000
Paid up Capital : US$ 1,990,000,000
·
Government
of Abu Dhabi 100%
Abu Dhabi National Oil Company (Adnoc) has interests in the following
companies, who together comprise the Adnoc Group of Companies:
·
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
·
Abu
Dhabi Company for Onshore Oil Operations (ADCO)
PO Box: 270
Abu Dhabi
Tel: (971-2) 6040000
Fax: (971-2) 6669785
·
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
·
National
Petroleum Construction Company (NPCC)
PO Box: 2058
Abu Dhabi
Tel: (971-2) 6549000
Fax: (971-2) 6549111
·
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
·
Abu
Dhabi Gas Industries Limited (GASCO)
PO
Box: 665
Abu Dhabi
Tel: (971-2) 6041111
Fax: (971-2) 6047414
·
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
·
Abu
Dhabi Gas Company (ATHEER)
Abu Dhabi
Tel: (971-2) 6027533
Fax: (971-2) 6027588
·
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
Activities: Subject was established in 1971 to operate in all areas of the oil and gas industry.
ADNOC has steadily broadened its activities through different subsidiaries in exploration and production,
support services to oil and gas industry, oil refining and gas processing, chemicals and petrochemicals,
maritime transportation and refined products and
distribution.
Today, ADNOC manages and oversees oil production of more than 2.7
million barrels per day (bpd), ranking it amongst the top ten oil and gas
producing companies in the world. ADNOC also has a production of over 7 billion
standard cubic feet per day (scfd) of natural gas (wet gas).
Import
Countries: United States of
America, Europe and Japan.
Export
Countries: Subject exports
worldwide, particularly to the Far East.
Subject has a
workforce of approximately 4,000 employees.
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.
·
National
Bank of Abu Dhabi
Sheikh Khalifa Street
PO Box: 4
Abu Dhabi
Tel: (971-2) 6345777 / 6327113 / 6335262
Fax: (971-2) 6336078
No complaints
regarding subject’s payments have been reported.
Abu Dhabi National
Oil Company (ADNOC) spreads its wings over the United Arab Emirates (UAE),
accounting for 94% of its 92.2 billion barrels of proved oil reserves, the
fourth largest in the world behind Saudi Arabia, Iraq, and Kuwait. ADNOC
produces oil and gas in Abu Dhabi, the richest UAE state. The ADNOC group
includes three exploration and production companies, five support companies,
two maritime crude oil transport companies, and one refined-product
distribution company, which operates more than 200 UAE service stations. Its
other assets include refining and processing plants (for salt and chlorine as
well as oil), and chemical and petrochemical production facilities.
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.54.33 |
|
|
1 |
Rs.82.72 |
|
Euro |
1 |
Rs.69.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.