MIRA INFORM REPORT

Report Date :

12.12.2014

IDENTIFICATION DETAILS

Name :	OMAN OIL COMPANY SAOC (OOC)
Registered Office :	Al Harthy Complex, Mina Al Fahal, P O Box: 261, Muscat 118
Country :	Oman
Year of Establishment :	1992
Legal Form :	Omani Closed Joint Stock Company
Line of Business :	The company was created in 1992 to give the Government a vehicle for pursuing investment opportunities in the energy sector both inside and outside Oman. Through participation in energy and energy related projects, OOC plays a critical role in the Sultanate's efforts to diversify the Omani economy and to generate Omani and foreign private sector investment.
No. of Employees :	500

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

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Oman	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

OMAN - ECONOMIC OVERVIEW

Oman is a middle-income economy that is heavily dependent on dwindling oil resources. Because of declining reserves and a rapidly growing labor force, Muscat has actively pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP to 9% by 2020 and creating more jobs to employ the rising numbers of Omanis entering the workforce. Tourism and gas-based industries are key components of the government's diversification strategy. However, increases in social welfare benefits, particularly since the Arab Spring, will challenge the government's ability to effectively balance its budget if oil revenues decline. By using enhanced oil recovery techniques, Oman succeeded in increasing oil production, giving the country more time to diversify, and the increase in global oil prices through 2011 provided the government greater financial resources to invest in non-oil sectors. In 2012, continued surpluses resulting from sustained high oil prices and increased enhanced oil recovery allowed the government to maintain growth in social subsidies and public sector job creation. However, the Sultan made widely reported statements indicating this would not be sustainable, and called for expanded efforts to support SME development and entrepreneurship. Government agencies and large oligarchic group companies heeded his call, announcing new initiatives to spin off non-essential functions to entrepreneurs, incubate new businesses, train and mentor up and coming business people, and provide financing for start-ups. In response to fast growth in household indebtedness, the Central Bank reduced the ceiling on personal interest loans from 8 to 7%, lowered mortgage rates, capped the percentage of consumer loans at 50% of borrower's salaries for personal loans and 60% for housing loans, and limited maximum repayment terms to 10 and 25 years respectively.

Source : CIA

SUMMARY

Company Name : OMAN OIL COMPANY SAOC (OOC)

Country of Origin : Oman

Legal Form : Omani Closed Joint Stock Company

Registration Date : 1992

Issued Capital : RO 50,000,000

Paid up Capital : RO 50,000,000

Total Workforce : 500

Activities : Investments in the energy sector

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

COMPANY NAME

OMAN OIL COMPANY SAOC (OOC)

ADDRESS

Registered & Physical Address

Building : Al Harthy Complex

Area : Mina Al Fahal

PO Box : 261

Town : Muscat 118

Country : Sultanate of Oman

Telephone : (968) 24573100

Facsimile : (968) 24573101

Email : info@oman-oil.com

Premises

Subject operates from a large suite of offices that are rented and located in the Central Business Area of Muscat.

KEY PRINCIPALS

Name Position

· HE Nasser Bin Khamis Al Jashmi Chairman

· Ahmed Bin Hassan Al Dheeb Director

· Sheikh Salim Abdullah Al Rawas Director

· Isam Al Zadjali Chief Executive Officer

· Mulham Al Jarf Deputy Chief Executive Officer

· Hal Blacker General Manager

· V Venkatesh Finance Manager

· Assilah Al-Harthy Commercial Manager

LEGAL FORM & OWNERS

Date of Establishment : 1992

Legal Form : Omani Closed Joint Stock Company

Issued Capital : RO 50,000,000

Paid up Capital : RO 50,000,000

Name of Shareholder (s) Percentage

· Government of Oman 100%

OPERATIONS

Activities: The company was created in 1992 to give the Government a vehicle for pursuing investment

opportunities in the energy sector both inside and outside Oman. Through participation in energy and energy related projects, OOC plays a critical role in the Sultanate's efforts to diversify the Omani economy and to generate Omani and foreign private sector investment.

Within the Sultanate, OOC is focused on developing partnerships with private sector companies to pursue the development of gas-based industrial projects and other downstream energy and energy related projects. Oman Oil Company’s significant experience in developing energy related projects in Oman and its position as a government owned commercial company makes it an ideal partner for companies looking to invest in the energy sector in Oman

Outside Oman, OOC is actively pursuing commercial ventures to provide an alternate source of revenue for the Government of Oman. Currently, the company is involved in upstream energy projects in Kazakhstan and Caspian Sea.

Investments:

Exploration and Production Stake Held

· Abraj Energy Services 100%

Oman

· UAE Gas Sales 100%

Oman

· Block-42 100%

Oman

· MGP 100%

Oman

· Abu Tabul 100%

Oman

· Service Contract in Rima Small Fields 25%

Oman

· Service Contract in Karim Small Fields 20%

Oman

· Oil Exploration and Production in Mukhaizna Concession 20%

Oman

· Oil Exploration in Caspian Offshore Concession 20%

Kazakhstan

· Oil Exploration in Dunga Concession 20%

Kazakhstan

Energy Infrastructure

· Oman Gas Company (OGC) 100%

Oman

· OTTCO 90%

Oman

· DPTC 90%

Oman

· Oil Tanking Odfjell Terminals & Co. (OOT) 25%

Oman

· Qingdao Lixing Logistics 30%

China

· LNG Quintero Regas 19.6%

Portugal

· REN 15%

Portugal

· Compañia Logística de Hidrocaburos S.A (CLH) 10%

Spain

· Planta de Regasification de Sagunto 7.5%

Spain

· Enagás 5%

Spain

Shipping

· Oman Trading International (OTI) 70%

UAE

· Gulf Energy Maritime (GEM) 30.4%

UAE

· Oman Shipping Company (OSC) 20%

Oman

Power

· Musandam Power Plant 100%

Oman

· Orient Power Company Limited (OPCL) 42.5%

Pakistan

· GS Electric, Power and Services (GS EPS) 30%

South Korea

Petrochemicals

· OXEA 100%

Germany

· Salalah Methanol Co. (SMC) 90%

Oman

· Oman India Fertilizer Co. (OMIFCO) 50%

Oman

· Sohar PTA/PET 50%

Oman

· La Seda De Barcelona 1%

Spain

Refining & Marketing

· Oman Oil Marketing Co. S.A.O.G (Oman Oil) 49%

Oman

· Duqm Refinery and Petrochemicals Industries 50%

Oman

· Qingdao Lidong Chemical 30%

China

· Bharat Oman Refineries Limited (BORL) 26%

India

· MOL 7%

Hungary

· Oman Oil Refineries and Petroleum Industries Company 25%

Oman

Metals

· Takamul Investment 95.1%

Oman

· Sohar Aluminium Company (SAC) 40%

Oman

· Vale Oman Pelletizing Company 30%

Oman

· Black Rock Metals Company 25%

Canada

On 28^th September 2014 Oman Oil Company SAOC (OOC), the Sultanate’s energy investment arm, signed a US$ 1.85 billion Revolving Credit Facility (RCF) with 16 local, regional and international banks. The transaction was well-received by the market and OOC observed strong demand from banks to participate reaching oversubscription of $3.75 billion.

Initial mandated lead arrangers and book runners included Bank of America Merrill Lynch International Limited, Bank Muscat S.A.O.G., BNP Paribas, Citibank, N.A., London Branch, Crédit Agricole Corporate and Investment Bank, Deutsche Bank Luxembourg S.A., Gulf International Bank B.S.C., HSBC Bank Middle East Limited, J.P. Morgan Limited, Morgan Stanley Bank International Limited, National Bank of Abu Dhabi PJSC, Natixis, Societe Generale, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation and The Bank Of Tokyo-Mitsubishi UFJ, Ltd. Sumitomo Mitsui Banking Corporation Europe Limited is acting as facility agent. HSBC Bank Middle East Limited, J.P. Morgan Limited and the Bank of Tokyo-Mitsubishi UFJ, Ltd. acted as documentation co-ordinators.

The transaction was concluded with the support of external legal counsel, Allen & Overy and Dentons on behalf of OOC, and Linklaters and Trowers & Hamlins on behalf of the lenders.

Subject has a workforce of approximately 500 employees.

FINANCIAL DATA

Companies registered in Oman are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

BANKERS

· Central Bank of Oman

Central Business District

PO Box: 4161

Muscat

Tel: (968) 24702222

Fax: (968) 24702253 / 24788513

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

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.62.21
UK Pound	1	Rs.97.80
Euro	1	Rs.77.48

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIT

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.