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Report No. : |
349093 |
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Report Date : |
14.11.2015 |
IDENTIFICATION DETAILS
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Name : |
OCCIDENTAL MUKHAIZNA LLC |
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Registered Office : |
Al Assalah Towers, Street No. 1, Way No. 3701, Al Ghubrah South, 717, Al Sib 130 |
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Country : |
Oman |
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Date of Incorporation : |
17.07.2005 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Subject is engaged in exploration, drilling and production of
petroleum in Oman. |
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No. of Employees : |
500 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Oman |
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 |
OMAN - ECONOMIC
OVERVIEW
Oman is heavily dependent on dwindling oil resources, which generates 77% of government revenue. It is using enhanced oil recovery techniques to boost production. 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 from 46% to 9% by 2020. Muscat also is focused on 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, have challenged the government's ability to effectively balance its budget as oil prices decline. Despite government acknowledgement that Oman’s expansive social welfare benefits are unsustainable, Oman authorities are comfortable with short-term budget deficits and have approved an expansionary 2015 budget. Concurrently, Oman has expanded efforts to support the development of small and medium-size enterprises and entrepreneurship. Government agencies and large oligarchic group companies have announced 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.
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Source
: CIA |
Company Name :
OCCIDENTAL MUKHAIZNA LLC
Country of Origin : Sultanate of Oman
Legal Form : Limited Liability Company - LLC
Registration Date : 17th July 2005
Commercial Registration Number : 1/79998/3
Chamber Membership Number : 397
Issued Capital : RO 1,500,000
Paid up Capital : RO 1,500,000
Total Workforce : 500
Activities : Exploration, drilling and production of petroleum in Oman.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
OCCIDENTAL MUKHAIZNA LLC
Building :
Al Assalah Towers
Street : Street
No. 1, Way No. 3701
Area : Al
Ghubrah South
PO Box : 717
Town : Al
Sib 130
Country : Sultanate
of Oman
Telephone : (968) 24524000
/ 24581000
Facsimile : (968) 24588147
Mobile : (968) 92886039
Subject operates from a large suite of offices that are rented and
located in the Suburban Business Area of Al Sib.
Name Position
· Robert Twin Chief
Executive Officer
Date of
Establishment : 17th
July 2005
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 1/79998/3
Chamber Member No. : 397
Issued Capital : RO 1,500,000
Paid up Capital : RO 1,500,000
· Occidental
Petroleum Corp 45%
10889 Wilshire
Boulevard
Los Angeles 90024
United States of
America
Tel: (1-310)
2088800
· Oman
Oil Corporation SAOC 20%
· Shell Oman Trading
Field Co Ltd 17%
· Liwa Energy Ltd 15%
· Total
Exploration and Production Oman 2%
· Partex
(Oman) Corp 1%
Activities: Engaged in exploration, drilling and production of petroleum in Oman.
Subject’s operations are concentrated at the
giant Mukhaizna oil field in south-central Oman, the Safah field in northern
Oman, and adjacent areas.
At Mukhaizna, the company has
implemented an aggressive drilling and development program, including a major
pattern steam flood project for enhanced oil recovery. As at the end of 2008,
gross daily production was over six times higher than the production rate in
2005. Subject plans to steadily
increase production through continued expansion of the steam flood project.
Subject is Oman’s second largest oil producer.
The Mukhaizna field, located in Oman’s south
central interior, was discovered in 1975 and was brought into production in
2000. By the end of 2008, Occidental had drilled over 370 new wells.
Occidental Petroleum Corp’s share of
production from the Oman properties was approximately 27,000 BOE per day in 2008 and proved reserves
totalled 142 million BOE as of 31st December 2008.
Subject has a workforce of approximately 500 employees.
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.
· Commercial Bank of Oman SAOG
Muttrah
Business District
PO Box:
1696, Ruwi 112
Muscat
Tel: (968)
24793225 / 24793226 / 24793228
Fax:
(968) 24793229
No complaints regarding subject’s payments have been reported.
Please note that the subject would not cooperate with us and refused to
divulge any information.
Occidental Petroleum Corp registered jurisdiction of incorporation is
Delaware, USA. Occidental Mukhaizna LLC is registered in Oman.
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.66.14 |
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UK Pound |
1 |
Rs.100.55 |
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Euro |
1 |
Rs.71.26 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
TRU |
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 |
-- |
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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.