OMAN LNG FAST FACTS 2002
Oman LNG has exported more than 200 cargoes so far
Oman LNG has exported several cargoes to European, American and
Eastern markets
Plant visibility: 93.1 per cent (based on September forecasts -
versus 92.5 per cent planned)
Every year, Oman LNG spends nearly US$3 million on community projects
31 contracts awarded in 2002 worth US $18 million. Of these 26
contracts worth US $17.5 million were awarded to Omani companies
Refinancing completed in 2002
Oman LNG has long term agreements with Kogas (4 mtpa), Osaka Gas
(0.78 mtpa) and Dabhol Power Company (1.6 mtpa). Oman LNG has also
a medium term agreement with Shell (0.7 mtpa).
Gas de France is currently buying part of the 2002 un-lifted Dabhol
Power Company volume (0.6 mtpa).
Oman LNG has successfully sold nine spot cargoes to the Atlantic
and Asia/Pacific market.
In 2001, Oman LNG loaded a total of 96 LNG ships against a targeted
plan of 83 ships. The volume of LNG loaded was 5.9 million tonnes
against a plan of 5.25 million tonnes.
The workforce is currently 62 per cent Omanised. The plan is to
increase the percentage of Omanisation to 84 per cent before the
end of 2007.
16 fast track trainees have successfully completed HND courses
in Aberdeen; 31 more trainees are currently undertaking the same
programme.
49 Omani operators have completed in-house BTEC Diploma in LNG
Operations
Managed the Transition from the Rotational Work Cycle 29/27) to
5/2 work cycle, including the opening of Hay Al Shurooq Housing
Complex
To date OMAN LNG has worked 8.7 million hours without a lost time
injury.
Financial completion achieved on 29 June 2001. Consequently, the
completion guarantees of the shareholders were released. Refinancing
of loan facilities with single commercial facility of US$ 1,300
million was successfully concluded in 2002. This provided OLNG with
the following benefits:
- facilitated the payment of US$ 180 million equity to our shareholders
from excess cash released from the Debt Service Reserve Account
(DSRA)
- lower interest margin and longer maturity
- simplification of financing documentation
Credit ratings from Moody and Standard & Poor (A3/A-) for OLNG
were the highest for a project company outside the USA, UK, Australia
and Canada.
Contracting & Procurement process were certified for ISO 9000
in 2001. The same process was re-certified in 2002 for new standards
of ISO.
Successful application of Internet auctioning (on-line bidding)
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