Fituri Cnsultants Finance & Insurance Cmpany Prfile (2015) CONTACT US Phne/Fax: +218 (21) 4770663 Cell: +218 (91) 3124439 www.fituri-cnsultants.cm abdulbaset@fituri-cnsultants.cm abdussalam@fituri-cnsultants.cm 13 Abbas Ben Fernas st, Hay Al-andalus P.O.Bx 85 Tripli Libya
We are an independent Libyan rganizatin established in 1990 and dedicated t prviding high standards f client service in Libya and elsewhere. We prvide specialist advice and supprt n flexible and persnal basis t il cmpanies, peratrs, cncessin hlders and majr insurance buyers wh cannt justify emplying specialist staff with high skills n a full time basis, r wh need additinal resurces frm time t time. Fituri Cnsultants ffer the fllwing cmprehensive services and slutins: ACCOUNTING AND TAX SERVICES FOR OIL COMPANIES Prvide prfessinal infrmatin and interpretatin f Incme Tax, Stamp Tax, Scial Security, Petrleum Incme Tax, Surtax and ther laws. Prepare r assist in the preparatin f annual Incme Tax Declaratins. Independently and impartially review and audit clients accunting practices and prcedures t ensure that they are cmpliant with regulatins n ne hand, and that clients are nt making excessive tax payments n the ther. Prvide full supprt and assistance in the preparatin f the Petrleum Financial Declaratin, Ryalty Declaratin and/r any ther requirements under Libya s Petrleum Law, the Cncessin Agreements and EPSA Agreements. Prvide high quality management supprt in critical and cmplex situatins. Represent clients in arbitratin cases and prvide expert witness especially in disputes with the Lcal Tax Authrities. We als prvide accunting and tax services t ther cmmercial, industrial and energy crpratins. Cpyrights 2009-2015 Fituri Cnsultants. All rights reserved. Page 1 f 7
INSURANCE SERVICES FOR OIL COMPANIES AND OTHERCORPORATIONS Arrange insurance cverages that suit clients requirements and legal/cntractual bligatins. Related activities include: Wrking clsely with Risk Managers in rder t establish the basis f the required cver. Liaise with re-insurance brkers if required in all aspects related t the insurance cver Cntacting lcal insurers t btain the best terms, cnditins, and premiums Implementing the insurance cver after btaining apprval frm the client. Cvers can be tailred t accmmdate preexisting wrldwide prgrams, preferred reinsurance rute, client s captive, r participatin in mutual insurers like O.I.L. We have arranged many multi-billin US$ insurance plicies at premium levels exceeding millins f US$. Sme f the insurance prgrams that we have arranged included ne r mre f the fllwing insurance plicies: 1. All Risks Physical Lss & Damage (Onshre & Offshre). 2. Cntrl f Well (Onshre & Offshre). 3. Third Party Liabilities (Onshre & Offshre). 4. Liability cverage required by service cmpanies and cntractrs. 5. Cnstructin All Risks Cvers. 6. Business Interruptin. 7. Medical Cver 8. Persnal Accidents 9. Small plicies: mtr vehicles, ffice buildings and cntents, etc. Full administratin f the designed insurance prgram by fllwing up with all parties cncerned, prviding infrmatin updates, liaising with clients' insurance fficers at head ffices and/r finance fficers at lcal branch ffices. Als respnding t wners' insurance queries, jint venture partners and/r any thers cncerned. Cpyrights 2009-2015 Fituri Cnsultants. All rights reserved. Page 2 f 7
Full review and assessment f insurance prgrams by assessing existing arrangements and recmmending imprvements, r restructuring (limits f indemnity, deductibles and ther ptins) if required. Implementing the insurance tendering prcess, lcally and internatinally, fr the selectin f insurance cmpanies, brkers and underwriters. Full claim management services, cmmencing frm ntificatin f incidents, gathering infrmatin and establishing estimated lss. Als wrking clsely with the appinted Lss Adjusters, respnding t their queries and negtiating claims until fully settled. These services are usually carried in full crdinatin with Risk Managers at the head ffice f the client. INTERNATIONAL RELATIONSHIPS Relatins with many prfessinal rganizatins and experts especially in the internatinal market add strength and depth t ur cmprehensive services. We have strng relatinship with many cmpetent rganizatins whse services we can utilize, t assist in achieving specific clients' bjectives in Libya r abrad. COST AND BENEFITS In all cases, the savings that we are able t make greatly exceed the cst f ur fees, which we usually charge n a daily, jb by jb r retainer fee basis r annual cntracts. Sme f the insurance benefits and cst savings that we can achieve fr clients include: Savings by ensuring that premiums charged are cmpetitive. Savings by cllecting insurance claims that were previusly thught nt t be insured. Imprving terms and cnditins f existing insurance plicies: deductibles, premium payment terms, exclusin f prperty and perils, etc. Efficient arrangements which invlve wrking clsely with all cncerned parties including clients' teams, reinsurance brkers, lcal insurers as well as maintaining cntact and crdinatin with clients' head ffice insurance department. Cpyrights 2009-2015 Fituri Cnsultants. All rights reserved. Page 3 f 7
THE CORE TEAMEXPERIENCE AND QUALIFICATIONS Chairman: Ali Abdussalam Fituri BBA Ali has unique experience amngst Libyan prfessinal administratrs and executives. The span f that experience included wrking fr Shell Marketing Cmpany fr abut 17 years, receiving extensive internatinal training in the field f il and gas marketing, wrking with Shell in Gena, Italy and in Shell headquarters in Lndn. He was awarded the Medal f Pineers fr being the first Libyan natinal t preside ver a Libyan il cmpany. Ali Fituri was a bard member f NOC while he was Chairman and Managing Directr f Brega Petrleum Marketing Cmpany in the 1970s. He was a member f the Bard f Gvernrs f OPEC, 1985-2001. He als was the Chairman f the Bard f Gvernrs in 1987 and 1999. In 1994, he was elected by the Cuncil f Ministers f OPEC t act as Secretary General fr the Organizatin During 1994. When the African Petrleum Prducers Assciatin (APPA) was Funded, Ali was amng the team f fur experts t set the Objectives f the assciatin and participated in establishing its Administrative prcedures and regulatins. He cntinued with APPA & OPEC as Libya's representative until 2001 when he jined Fituri Cnsultants. The vast technical and administrative experience f Ali and the scpe f his knwledge cvering varius facets f the il industry are brught int the delivery f quality service t "Fituri Cnsultants" clients. Cpyrights 2009-2015 Fituri Cnsultants. All rights reserved. Page 4 f 7
Chief Executive Officer: Abdulbast A. Fituri, BSc, MBA Abdulbaset has extensive experience in the il industry. He wrked fr Ess Standard Libya Inc. fr 25 years fllwed by 9 years with the Natinal Oil Crpratin - a credit f abut 34 years f cntinued service in the il industry. He started his career with Ess wrking in the Cntrllers Department where he prgressed t hld imprtant psitins, such as Tax Department Manager and General Manger Of Tax and Internal Cntrl Departments. After Ess Standard Libya had ended its peratins in Libya, and Sirte Oil became the wner; Abdulbaset was transferred t the Natinal Oil Crpratin in the psitins f Directr General f the Infrmatin and Management Accunting, the Treasury and Insurance Departments until 1990. As the Head f the Treasury Department, he had established, supervised and was respnsible fr the implementatin f the first Package Insurance Plicy fr NOC, and had particularly develped the wrking prcedures fr NOC and its subsidiaries. Abdulbaset, in additin t his being the Treasurer f NOC, he was a member f the General Assembly f mst f NOC subsidiary cmpanies. He was bard member f several ther il cmpanies amng them Shell Petrleum Libya, Deminix Libya and Salem Petrleum Libya. He als was the Chairman f the Bard f Oil Industry Medical Sciety and the Chairman f the Bard f Trustees f the Oil Cmpanies Schl. The cmpetencies f Abdulbaset in the accunting, tax, insurance and administrative areas tgether with a wealth f varied experience are available t serve the requirements f majr clients especially in the il industry. Cpyrights 2009-2015 Fituri Cnsultants. All rights reserved. Page 5 f 7
Insurance and Risk Surveying Engineer: Abdussalam A. Fituri, Abdussalam is a graduate frm the Civil Aviatin Higher Institute, Tripli, Libya in 1991. He had wrked as Maintenance Engineer, Prductin Engineer and Research and Develpment Engineer with the General Cmputer Cmpany (GCC). He became the Head f the Prductin Department at (GCC) in 1996. During the perid 1996 and 2007 Abdussalam had wrked with the Electrnics General Cmpany and held several engineering psitins. In 2008 Abdussalam jined Fituri Cnsultants as Insurance and Risk surveying Engineer. His duties include the fllwing: Arrangement f Insurance cvers fr clients with lcal insurance cmpanies. Liaising with lcal and internatinal clients and the insurance cmpanies, brkers and underwriters. Assisting in the settlement f insurance claims. Assisting in negtiatins with appinted lss adjusters. Visiting peratins sites t evaluate damages and gathering infrmatin necessary fr claims. Cmmunicating with clients and insurance cmpanies t establish r renew different insurance plicies such as the fllwing: Cnstructin All Risks Cve. Persnal Accidents Third Party Liability Medical Cver General Liability Small plicies: mtr vehicles, ffice buildings & prperty cntents etc. Cnducting surveys t assess damages etc. Over the last tw years Abdussalam was heavily engaged in cnducting surveys in different lcatins n behalf f lcal and internatinal Insurance Cmpanies, cllating and assessing risk infrmatin and damages, using templates t recrd assessments and cllecting phtgraphic evidences, preparing and prfreading detailed reprts and presentatins fr underwriters n many accidents and sites in Libya. Amng his majr accmplishments were the fllwing: Surveying and Assessing the damages at the Russian Cmpany lcatins: Railway Prject between Sirte and Benghazi. Cpyrights 2009-2015 Fituri Cnsultants. All rights reserved. Page 6 f 7
Surveying Drilling Rigs fr damages caused by accidents at Amal and Waha Fields. Drilling Rigs Cnditin surveys prir t insurance at Waha Field. Electricity Pwer Statin Survey at Ruwais, Nafussa Muntain, a result f mechanical accident. Assisted in cnducting several Civil Engineering surveys assignments. Abdussalam s electrnic and technical knwledge in the different fields, in additin t his vast experience f the industry in general are brught int the delivery f quality service t Fituri Cnsultants clients. He had been extensively travelling in land and many different lcatins and willing and available t travel anywhere t keep Fituri Cnsultants clients fully satisfied. Cpyrights 2009-2015 Fituri Cnsultants. All rights reserved. Page 7 f 7