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Report Date : |
29.03.2013 |
IDENTIFICATION DETAILS
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Name : |
QATAR PETROLEUM CORPORATION (QP) |
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Registered Office : |
Al Sadd Plaza West Bay, Al Dafna Area PO Box 3212 Doha |
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Country : |
Qatar |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
August 1974 |
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Legal Form : |
Government Corporation |
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Line of Business : |
Engaged in all phases of the oil industry in Qatar. |
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No. of Employees : |
10,000 |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Qatar |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
QATAR - ECONOMIC OVERVIEW
Qatar has prospered in the last several years with continued high real GDP growth in 2011. Qatari authorities throughout the financial crisis sought to protect the local banking sector with direct investments into domestic banks. GDP rebounded in 2010 largely due to the increase in oil prices and 2011's growth was supported by Qatar's investment in expanding its gas sector. Economic policy is focused on developing Qatar's nonassociated natural gas reserves and increasing private and foreign investment in non-energy sectors, but oil and gas still account for more than 50% of GDP, roughly 85% of export earnings, and 70% of government revenues. Oil and gas likely have made Qatar the second highest per-capita income country - behind Liechtenstein - and the country with the lowest unemployment. Proved oil reserves in excess of 25 billion barrels should enable continued output at current levels for 57 years. Qatar's proved reserves of natural gas exceed 25 trillion cubic meters, more than 13% of the world total and third largest in the world. Qatar's successful 2022 world cup bid will likely accelerate large-scale infrastructure projects such as Qatar's metro system and the Qatar-Bahrain causeway.
Source
: CIA
Company Name : QATAR PETROLEUM CORPORATION (QP)
Country of Origin : Qatar
Legal Form : Government Corporation
Registration Date : August 1974
Issued Capital : QR 100,000,000,000
Paid up Capital : QR 100,000,000,000
Total Workforce : 10,000
Activities : Engaged in all phases of the oil industry in Qatar.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
QATAR PETROLEUM CORPORATION (QP)
Area : West Bay, Al
Dafna Area
PO Box : 3212
Town : Doha
Country : Qatar
Telephone : (974) 44491491
/ 44402000
Facsimile : (974) 44831125
/ 44402020
Email : marketing@qp.com.qa
/ marticio@qp.com.qa
/ alli@qp.com.qa
Subject operates from a large suite of offices that are owned and
located in the Central Business Area of Doha.
Name Position
· HE Dr Mohamed
Saleh Al Sada Chairman
& Managing Director
· Hamad Rashid Al
Mohannadi Vice
Chairman
· Fahd Hamad Al
Mohannadi Director
· Nasser Khalil Al
Jaidah Director
· Saad Sharida Al
Kaabi Director
· Khalifa Abdullah
Al Suwaidi Director
· Essa Bin Hilal Al
Kuwari Director
Date of
Establishment : August 1974
Legal Form : Government
Corporation
Issued Capital : QR
100,000,000,000
Paid up Capital : QR 100,000,000,000
Name of
Shareholder (s) Percentage
· Government of
Qatar 100%
Name
QP Stake
· QP Qatargas (3)
Limited 100.0%
· Qatar Petroleum
International Limited 100.0%
· Amwaj Catering
Services Co Limited 100.0%
· Al Shaheen Energy
Services Co Limited 100.0%
· Qatar Petroleum
Qatar Gas (QGIV) Limited 100.0%
· Qatar Holding
Intermediate Industries Company Ltd 100.0%
· Qatar Petroleum
Ras Gas (3) Ltd 100.0%
· Barzan Gas Company
Ltd 93.0%
· Qatar Vinyl
Company Ltd QSC 73.0%
· RasGas Company
Ltd. (RasGas) 70.0%
· Qatargas Operating
Company Limited 70.0%
· Qatar Liquefied
Gas Company Limited (II) (Q.S.C) 67.5%
· Ras Laffan
Liquefied Natural Gas Company Ltd (II) (RLII) 67.1%
· Qatargas Joint
Venture- Upstream 65.0%
· Qatar Liquefied
Gas Company Ltd QSC 65.0%
· Ras Laffan
Liquefied Natural Gas Company Ltd.(RL) 63.0%
· Qatar Chemical
Company Ltd Q.S.C (Q-Chem) 51.0%
· Qatex Limited
(QATEX) 51.0%
· Oryx GTL Ltd.
(ORYX) 51.0%
· Qatar Chemical
Company II Limited (QChem II) 51.0%
· Laffan Refinery
Company Ltd 51.0%
· Qatar Aluminium Company
Ltd 50.0%
· Astad Engineering
Consulting and Project Management QSC 50.0%
· Ras Laffan Olefins
Company Ltd QSC 44.5%
· Qatofin Company
Ltd QSC 35.6%
· Gasal QSC 30.5%
Activities: QP is engaged in all phases of the oil industry in Qatar, including
exploration and drilling as well as
production, refining, transportation,
storage, distribution, sales, export and trading in oil, natural gases and
hydrocarbons.
ONSHORE OPERATIONS
Dukhan Fields
Dukhan is a large oil field extending over an
area of approximately 80 km by 8 km. and is located approximately 80 kms to the
west of Doha. Dukhan Field encompasses four reservoirs from north to south -
Khatiyah, Fahahil and Jaleha/Diyab, three of which are oil reservoirs, and the
fourth contains non-associated gas . Oil and gas are separated in four main
degassing stations which are continuously manned namely Khatiyah North,
Khatiyah Main, Fahahil Main and Jaleha. Unmanned satellite stations are Fahahil
North and Fahahil South, while Khatiyah South is now a manned station. The
Diyab satellite station at the south end of the field has no process facilities
and the total oil production is sent to Jaleha station for processing.
Stabilized crude oil is transported through pipeline to Mesaieed port about 100
km east of Dukhan.
Dukhan oil field has production facilities to produce up to 335,000
barrels per day (BPD). Other production facilities are related to associated
gas, non-associated gas, raw NGL production from associated gas, Arab D gas cap
NGL and Arab D condensate production. In addition to this, facilities for
injection of North Field gas into Khuff Reservoir, injection of lean gas into
Arab D gas cap and water injection into the main oil reservoirs of Arab C and
Arab D for pressure maintenance are also operated on continuous basis in
Dukhan.
OFFSHORE OPERATIONS
QP has two offshore production stations located in the north-east
quadrant of Qatar’s territorial waters, PS-2 and PS-3. Both PS-2 and PS-3
platforms produce crude oil, associated gas and condensate. They are located in
the Maydan Mahzam (MM) and Bul Hanine (BH) fields. Oil and condensate are piped
to Halul Island for storage and export. Gas is primarily used to assist in
lifting the oil from the reservoir. Some gas is taken to Halul for fuel.
OPQL (Occidental Petroleum of Qatar Ltd)
operates PS-1 (Idd El-Shargi North and South Dome), and TEPQ
(Total E&P Q) operates Al-Khaleej
field, on a production sharing arrangement with QP. Both facilities produce
crude oil and associated gas, which is
taken to Halul Island by sub-sea pipelines for fuel, storage and export.
Import Countries: Europe, United States of America and Japan
Export Countries: Subject exports its products worldwide,
particularly Europe and the Far East
Operating Trend: Steady
Subject has a workforce of approximately 10,000 employees.
Financial highlights provided by local sources are given below:
Currency: Qatari Riyals (QR 000’s)
Consolidated
Balance Sheet 31/12/11
31/12/10
Assets
Non-current assets
Property, plant and equipment 251,432,753 236,823,950
Deferred expenditure 1,456,009 1,169,989
Investments 5,954,372 5,113,266
Other long term assets 1,818,910 9,316,475
Investment properties 133,230 136,190
260,795,274 252,559,870
Current assets
Cash 49,009,188 29,164,556
Debtors and prepayments 22,073,950 18,866,963
Inventories 11,382,057 8,305,220
24,290,980 -
Total assets 367,551,449 308,896,609
Equity and liabilities
Capital and reserves
Capital 100,000,000 50,000,000
Retained earnings 17,115,711 12,150,989
Other reserves 91,901,442 50,238,213
209,017,153 112,389,202
Minority interest 9,291,692 7,585,013
Total equity 218,308,845 119,974,215
Non-current liabilities
Loans 73,892,979 74,353,885
Obligations under finance lease 34,675,621 36,652,227
Provision for employees’ end of service benefits 1,232,627 1,120,269
Amounts due to Ministry of Finance - 47,829,514
Deferred income taxes 3,653,316 2,895,218
Other liabilities 1,767,891 1,533,131
115,222,434 164,384,244
Current liabilities
Creditors and accruals 26,614,456 18,763,912
Loans 7,405,714 5,774,238
34,020,170 24,538,150
Total liabilities 149,242,604 188,922,394
Total equity and liabilities 367,551,449 308,896,609
Consolidated
Income Statement
Sales 289,179,187 188,015,060
Other operating income 11,163,144 9,278,989
Total operating revenue 300,342,331 197,294,049
Operating expenses
Operating, selling and administrative expenses (33,480,273) (27,351,817)
Depreciation and amortisation (11,943,245) (10,126,644)
Total operating expenses (45,423,518) (37,478,461)
Net operating income 254,918,813 159,815,588
Dividend and interest income 682,692 806,143
Finance charges (5,911,405) (5,627,944)
Income before royalties, taxes and minority interests 249,690,100 154,993,787
Royalties (62,075,002) (33,921,038)
Taxes (96,432,312) (64,648,584)
Income before minority interests 91,182,786 56,424,165
Minority interests (2,320,551) (1,857,429)
Net income for the year 88,862,235 54,566,736
Local sources consider subject’s financial condition to be Good.
·
Commercial Bank of Qatar Ltd (QSC)
PO Box: 3232
Doha
Tel: (974) 44490222
Fax: (974) 44438182
·
Doha Bank Ltd
Al Jasrah Street
PO Box: 3818
Doha
Tel: (974) 44435444
Fax: (974) 44416631 / 44410625
·
Qatar National Bank
Government House Road
PO Box: 1002
Doha
Tel: (974) 44413511 / 44407407
Fax: (974) 44415020
No complaints regarding subject’s payments have been reported.
Credit amount 15,000 23,091
Amount overdue 0 0
Payment terms 30
days 30
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Pounds
Sterling Canadian
Dollars
Qatar Petroleum Corporation (QP) was established in 1974 and is engaged
in all phases of the oil industry in Qatar. It is wholly owned by the government
of Qatar and operates the onshore Dukhan Field, two offshore oil fields (Bul
Hanine and Maydan Mahzam) and the North Gas Field, as well as various offshore
fields in cooperation with major international oil and gas companies through
production-sharing agreements.
Local sources report that the subject is the national oil company of
Qatar and is wholly owned by the state, and as such it is deemed reliable for
respecting all its financial commitments.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
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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-- |
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.