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Report Date : |
28.06.2014 |
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) : |
31.12.2012 |
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Date of Incorporation : |
August, 1974 |
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Legal Form : |
Government Corporation |
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Line of Business : |
Subject 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. |
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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 – March 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
QATAR - ECONOMIC OVERVIEW
Qatar has prospered in the last several years with continued high real GDP growth. Throughout the financial crisis Qatari authorities sought to protect the local banking sector, with direct investments into domestic banks. GDP is driven largely by changes in oil prices and by investment in the energy 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 50% of government revenues. Oil and gas have made Qatar the world's highest per-capita income country and the country with the lowest unemployment. Proved oil reserves in excess of 25 billion barrels should enable continued output at current levels for about 57 years. Qatar's proved reserves of natural gas exceed 25 trillion cubic meters, about 13% of the world total and third largest in the world. Qatar's successful 2022 World Cup bid is accelerating large-scale infrastructure projects such as Qatar's metro system, light rail system, the construction of a new port, roads, stadiums and related sporting infrastructure. The new Hamad International Airport is expected to open in mid-2014 with an annual passenger capacity of 24 million on initial opening and 50 million when complete.
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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)
Registered &
Physical Address
Building : Al Sadd Plaza
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
Premises
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 31/12/12 31/12/11 31/12/10
Assets
Non-current assets
Property, plant and equipment 259,255,604 251,432,753 236,823,950
Deferred expenditure 2,888,494 1,456,009 1,169,989
Investments 6,444,858 5,954,372 5,113,266
Other long term assets 2,267,318 1,818,910 9,316,475
Investment properties 148,033 133,230 136,190
271,004,307 260,795,274 252,559,870
Current assets
Cash 43,702,383 49,009,188 29,164,556
Debtors and prepayments 28,452,118 22,073,950 18,866,963
Inventories 11,832,459 11,382,057 8,305,220
139,396,737 24,290,980 -
Total assets 494,388,004 367,551,449 308,896,609
Equity and liabilities
Capital and reserves
Capital 100,000,000 100,000,000 50,000,000
Retained earnings 122,742,936 17,115,711 12,150,989
Other reserves 99,780,948 91,901,442 50,238,213
322,523,884 209,017,153 112,389,202
Minority interest 15,577,934 9,291,692 7,585,013
Total equity 338,101,818 218,308,845 119,974,215
Non-current liabilities
Loans 77,379,560 73,892,979 74,353,885
Obligations under finance lease 35,224,177 34,675,621 36,652,227
Provision for employees’ end of service benefits 1,358,663 1,232,627 1,120,269
Amounts due to Ministry of Finance - - 47,829,514
Deferred income taxes 4,615,271 3,653,316 2,895,218
Other liabilities 1,641,289 1,767,891 1,533,131
120,218,960 115,222,434 164,384,244
Current liabilities
Creditors and accruals 29,184,033 26,614,456 18,763,912
Loans 6,883,193 7,405,714 5,774,238
36,067,226 34,020,170 24,538,150
Total liabilities 156,286,186 149,242,604 188,922,394
Total equity and liabilities 494,388,004 367,551,449 308,896,609
Consolidated
Income Statement
Sales 330,328,819 289,179,187 188,015,060
Other operating income 30,531,032 11,163,144 9,278,989
Total operating revenue 360,859,851 300,342,331 197,294,049
Operating expenses
Operating, selling and administrative expenses (42,317,703) (33,480,273) (27,351,817)
Depreciation and amortisation (12,977,185) (11,943,245) (10,126,644)
Total operating expenses (55,294,888) (45,423,518) (37,478,461)
Net operating income 305,564,963 254,918,813 159,815,588
Dividend and interest income 1,245,737 682,692 806,143
Finance charges (5,778,947) (5,911,405) (5,627,944)
Income before royalties, taxes and minority interests 301,031,753 249,690,100 154,993,787
Royalties (74,022,229) (62,075,002) (33,921,038)
Taxes (109,470,887) (96,432,312) (64,648,584)
Income before minority interests 117,538,637 91,182,786 56,424,165
Minority interests (3,401,471) (2,320,551) (1,857,429)
Net income for the year 114,137,166 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.
Date of transaction January
1999 July 2002
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.60.10 |
|
|
1 |
Rs.102.40 |
|
Euro |
1 |
Rs.81.88 |
INFORMATION DETAILS
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Analysis Done by
: |
SUM |
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Report Prepared
by : |
NNA |
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 |
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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.