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Report No. : |
302463 |
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Report Date : |
12.01.2015 |
IDENTIFICATION DETAILS
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Name : |
SAUDI ARAMCO SHELL REFINERY CO LTD |
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Registered Office : |
Madinat Al Jubail Al Sinaiyah Street, Jubail Industrial City, PO Box
10088 & 10025, Jubail 31961 |
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Country : |
Saudi Arabia |
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Date of Incorporation : |
1979 |
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Com. Reg. No.: |
2055000925 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Owners and Operators of a Petroleum Refinery |
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No. of Employee : |
640 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Saudi Arabia |
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 |
SAUDI ARABIA - ECONOMIC OVERVIEW
Saudi Arabia has an oil-based
economy with strong government controls over major economic activities. It
possesses about 16% of the world's proven petroleum reserves, ranks as the
largest exporter of petroleum, and plays a leading role in OPEC. The petroleum
sector accounts for roughly 80% of budget revenues, 45% of GDP, and 90% of
export earnings. Saudi Arabia is encouraging the growth of the private sector
in order to diversify its economy and to employ more Saudi nationals.
Diversification efforts are focusing on power generation, telecommunications,
natural gas exploration, and petrochemical sectors. Over 6 million foreign
workers play an important role in the Saudi economy, particularly in the oil and
service sectors, while Riyadh is struggling to reduce unemployment among its
own nationals. Saudi officials are particularly focused on employing its large
youth population, which generally lacks the education and technical skills the
private sector needs. Riyadh has substantially boosted spending on job training
and education, most recently with the opening of the King Abdallah University
of Science and Technology - Saudi Arabia's first co-educational university. As
part of its effort to attract foreign investment, Saudi Arabia acceded to the
WTO in 2005. The government has begun establishing six "economic
cities" in different regions of the country to promote foreign investment
and plans to spend $373 billion between 2010 and 2014 on social development and
infrastructure projects to advance Saudi Arabia's economic development.
|
Source
: CIA |
Company Name :
SAUDI ARAMCO SHELL REFINERY CO LTD
Trading As :
SASREF
Country of Origin :
Saudi Arabia
Legal Form :
Joint Stock Company
Registration Date :
1979
Commercial Registration Number :
2055000925, Jubail
Issued Capital :
SR 1,600,000,000
Paid up Capital :
SR 1,600,000,000
Total Workforce :
640
Activities :
Owners and operators of a petroleum refinery
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
SAUDI ARAMCO SHELL REFINERY CO LTD
TRADING AS: SASREF
Registered &
Physical Address
Street : Madinat Al
Jubail Al Sinaiyah Street
Area : Jubail Industrial
City
PO Box : 10088 &
10025
Town : Jubail 31961
Country : Saudi Arabia
Telephone : (966-13)
3572000 / 3572233 / 3572572
Facsimile : (966-13)
3580150 / 3573142 / 3572525
Email : info@sasref.com.sa
Premises
Subject operates from a large suite of offices and a refining plant that
are owned and located in the Industrial Area of Jubail.
Name Position
Abdulrahman Al Wuhaib Chairman
Abdulhakim Al Gouhi President
Raja Ahmad Murad Raja Bahrin Vice
President
Andrew Smith Director
Michle Faure Director
Chris Streng Director
Ahmad A Al Sa'adi Director
Fuad A Al Hazmi Director
Qassem Al Sheikh General
Manager
Nabil Mohamed Bassam Finance
Manager
S I Al Husseini Operations
Manager
Date of Establishment : 1979
History : Subject was
originally established in 1979 under the name of “Petromin Shell Refinery Co”
with the following
shareholders:
- General Petroleum & Mineral Organisation
(Petromin)
- Shell Saudi Arabia (Refining) Ltd
On 1st July 1993, and following an order by Royal Decree,
Saudi Aramco took control of the net assets of the General Petroleum & Mineral Organisation (Petromin) and
subsequently the business was re-organised and re-registered under the current
style of “Saudi Aramco
Shell Refinery Co Ltd (Sasref)”.
Legal Form : Joint Stock
Company
Commercial Reg. No. : 2055000925,
Jubail
Issued Capital : SR 1,600,000,000
Paid up Capital : SR 1,600,000,000
Name of
Shareholder (s) Percentage
Saudi Arabian Oil Company (Saudi Aramco) 50%
Saudi Aramco Compound
PO Box: 5000
Dhahran 31311
Tel: (966-13) 8754915 / 8756110
Fax: (966-13) 8738490 / 8738190
Shell Saudi Arabia (Refining) Ltd 50%
PO Box: 16996
Riyadh 11474
Tel: (966-11) 4762710
Fax: (966-11) 4762719
Activities: Owners and operators of a petroleum refinery located in Jubail.
The refinery, which started operation in 1985 with a total investment of
SR 6 billion, makes use of advanced technology for the refining of more than
300,000 bpd of crude oil. It also produces various derivatives of petroleum
like naphtha, kerosene, petrol, gas oil, sulphur, liquid petroleum gas, fuel
oil and diesel. The refinery's products are also used as fuel and primary raw
stock in petrochemical companies.
The refinery consists of two crude distillation units, a hydro cracker
unit and aromatics, and has two 5 megawatts (each) turbo generators and another
34 megawatts by co-generation in the TGU that supply power to the complex.
Around 24 megawatts are imported from the Saudi Electricity Company. Marafiq
supplies the potable and sea cooling water while SABIC supplies Nitrogen to the
refinery facility. Saudi Aramco supplies Arabian Light Crude feedstock and
natural gas by pipeline to the refinery.
Subject’s product range includes Benzene, Fuel Oil, Gas Oil, Kerosene,
Naphtha, Sulphur and Mogas component.
On 14th December 2009 SASREF
inaugurated the refurbished central control room and the instrumentation master
plan project. The ceremony ribbon was cut by the chairman of SASREF Board Mr.
Abdulrahman F Al-Wuhaib in the presence of SASREF board of directors and
management team, and from Yokogawa Middle East (YME), Mr. Akira
Ogawa, President and CEO. The project is the second and final phase
implementation of the Instrumentation Master Plan (IMP) program. The
program is based on ensuring business continuity and reliable operations at
SASREF's plants for the next decade.
On 1st February
2010, Saudi Aramco Shell Refinery Co. (SASREF) signed a lump-sum turnkey
contract with JGC-Gulf International Company Limited, to carry out the
Engineering, Procurement and Construction
(EPC) to implement a project of two units to improve
SASREF environmental performance. The project involves a state of the art
technology to build industrial facilities that would help bring down the
refinery emissions to meet the environmental regulations of the Royal
Commission. On start up SASREF Sulphur
dioxide emission will be less than 250 part per million. This will make
SASREF’s emission the lowest of its kind in kingdom.
In February 2010, subject started the commissioning
activities of the Ultra - Low Sulfur Diesel project to produce around 100 thousand barrel per day
of diesel with Sulphur less than 10 parts per
million.
Production Capacity: 305,000 barrels per day
Import Countries: Europe and the United States of America
Export Countries: Asia and Europe
Subject has a workforce of 640 employees.
Companies registered in Saudi Arabia are not legally required to make
their accounts public and no financial information was released by the company or
submitted by outside sources.
National Commercial Bank
PO Box: 58
Jubail 51951
Tel: (966-13) 3612896
Fax: (966-13) 3611750
Saudi American Bank
Jubail Industrial City
PO Box: 10123
Jubail
Tel: (966-13) 3410433
Saudi British Bank
Industrial City Branch
PO Box: 10015
Jubail
Tel: (966-13) 3419147
No complaints regarding subject’s payments have been reported.
Date of transaction January
2006
Credit amount 68,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters of Credit
Paying record No
Complaints
Currency Pounds
Sterling
Established in 1979, Saudi Aramco Shell Refinery Co Ltd (Sasref) owns
and operates a petroleum refinery located in Jubail. Sasref’s total capacity of
305,000 barrels per day ranks it as one of the largest of refineries.
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
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.40 |
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|
1 |
Rs.94.17 |
|
Euro |
1 |
Rs.73.61 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared by
: |
TPT |
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 |
|
-- |
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.