Important funding milestone sees APICORP continuing its support of Egyptian petroleum industry
Dammam: The Arab Petroleum Investments Corporation (APICORP), a multilateral development bank established in 1975 by the 10 member states of the Organization of Arab Petroleum Exporting Countries (OAPEC), is pleased to announce that it has arranged a 3-year US$100 million Murabaha Financing Facility for Egyptian General Petroleum Corporation (EGPC).
Through its various subsidiaries, EGPC engages in all aspects of the petroleum industry. Its upstream activities include the exploration for and production of crude oil, condensate and natural gas; whilst its midstream and downstream operations cover refining, marketing and transportation of petroleum products and petrochemicals.
EGPC is thus responsible for the full-scale development and exploitation of Egypt’s petroleum resources, and for ensuring the supply of various refined petroleum products within Egypt, subject to the direct oversight of the Egyptian Ministry of Petroleum. EGPC now intends to use new Murabaha facility provided by APICORP to fund the purchase of Liquid Petroleum Gas (LPG) from the Arab Maritime Petroleum Transport Company (AMPTC).
Dr. Raed Al Rayes, Deputy CEO & General Manager of APICORP, commented: “We are very pleased to be supporting Egypt’s petroleum industry through arranging of this Murabaha facility. It contributes to the stability and security of supply of energy to the Egyptian people.
“APICORP has had a history of successful presence in Egypt, as well as, a lengthy and profitable association with EGPC. Supporting all areas of the regional energy industry goes to the very heart of APICORP’s approach, so today’s announcement is the latest evidence of our continued and successful efforts.”
The Arab Petroleum Investments Corporation (APICORP) is a multilateral development bank established to foster the development of the Arab world’s oil and gas industries. The organization was created under the terms of an agreement signed by the 10 Member States of the Organization of Arab Petroleum Exporting Countries (OAPEC) in September 1974. APICORP’s vision is to transform the Arab energy industry into a powerful force for the region’s economic progress. Driven by this vision, APICORP seeks to make equity investments and provide project loans, trade finance, advisory and research to the energy industry.
APICORP is one of the five organizations established by OAPEC to promote cooperation and economic integration in the Arab hydrocarbon and petrochemical industry. Since its founding, APICORP has made significant contributions to the evolution of the region’s energy industry. It has made equity investments in 22 oil and gas joint venture projects worth over $13 billion and participated in direct and syndicated energy finance transactions worth over US$126 billion. APICORP‘s aggregate commitments in these transactions, including both in equity and debt, are valued in excess of US$11 billion. Apart from this, it has provided advisory and treasury services related to financing and project development; and published highly regarded macro-economic research. These areas continue to define APICORP in today’s marketplace.
APICORP is independent in its functioning and carries out its operations on a commercial basis. The Corporation’s headquarters are located in Dammam, in the Eastern Province of Saudi Arabia. APICORP also operates a Banking Branch in Manama, Bahrain. The company is rated Aa3 stable by Moody’s