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Alliance Oil Co. Ltd. Dec 11
Standard & Poors, Dec 2011
Abstract
Diverse activities in Russia, including oil exploration, production, refining, and retail. A long reserve life with significant production growth potential. Adequate profitability in upstream segment, supported by increasing production and favorable tax regime. Medium-term maturity profile and significant liquidity reserves. Inherent cyclicality of the oil and gas exploration and production industry. Substantial negative free operating cash flow and absolute debt, owing to high capital expenditures. Currently lower value-added oil product mix compared with that of Russian oil majors. Potential negative influence on the company's downstream margins of a new taxation framework in case of delays in completion of the refinery modernization. Country-related risks. The ratings on Russia-based crude oil and oil products producer Alliance Oil Co. Ltd. reflect Standard &...
Companies mentioned in this report are: Alliance Oil Co. Ltd.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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