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APICORP 30th Ordinary Meeting In Qatar

Source: 4/5/2006, Location: Middle East

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The General Assembly of Arab Petroleum Investments Corporation (APICORP) Ė an affiliate of the Organisation of Arab Petroleum Exporting Countries (OAPEC) - held its 30th Ordinary Meeting on Friday 31st March 2006 in Doha, the State of Qatar. The meeting was chaired by Mr. Abdullah Al-Zaid, representative of Saudi Arabia and was attended by representatives from other member states namely: Egypt, Syria, the United Arab Emirates, Bahrain, Algeria, Iraq, Qatar, Kuwait and Libya. The meeting was also attended by Mr. Ahmad Bin Hamad Al-Nuaimi, Chief Executive and General Manager of (APICORP).

Mr. Ahmad Al-Nuaimi declared that the General Assembly approved the 30th Annual Report and the audited Financial Statements for 2005, which disclosed that the company operations for 2005 achieved a net profit of US$94.58 million, compared to US$38.95 million for 2004, a 142.8% increase. Total assets also rose to US$2,342 million in 2005, compared to US$2,121 million in 2004, while total shareholders equity rose to US$848 million, compared to US$744 million in 2004.

The General Assembly endorsed the Board of Directors recommendation for the distribution of US$40 million as cash dividends to the shareholders for the 2005 (2004: US$20 million).

Mr. Al-Nuaimi pointed out that, it was a remarkable coincidence that these significant results were achieved while the Corporation celebrates its 30th Anniversary. Since establishment on 25th November 1975, APICORP has made an emphatic contribution to the development of the petroleum and petrochemical industry in the Arab region, through its active participation with regional and international financial institutions in arranging and managing loans for petroleum related projects and industries totalling US$81 billion, with a final take of US$7 billion, arranged for entities mainly in the shareholder states. Mr. Al-Nuaimi added that, the Board of Directors also held its 1st meeting for 2006 on 30 March. It considered matters in its agenda concerning the Corporationís investment and financing activities.

On this respect, the project and trade finance activity during the period from the end of December 2005 and March 2006 saw a high demand for project finance loans in the region. APICORP seized that opportunity and played major and leading roles by participating in the arrangement of project and trade finance facilities amounted to US$5,576, with a final take of US$307 million. These loans were offered to petroleum and petrochemical companies in a number of countries, namely among them were: Saudi Arabia, Qatar, the Libyan Jamahiriya, Egypt.

As far as direct equity investments as concerned, during the year 2005, the world economic growth, together with the rise in oil prices have positively impacted the results of most of the companies where APICORP holds an equity share. As a result, the net profit from the portfolio of these investments totalled US$16.3 million at the end of 2005, compared to US$10.7 million in 2004.

The Board of Directors expressed its gratitude and appreciation to the shareholder governments for the support and assistance they have given to the Corporation throughout the 30 years. The Board of Directors also commended the special care the Corporation receives from the government of the Custodian of the Two Holy Mosques, Kingdom of Saudi Arabia, the host country, which has been conducive to its success and resulted in the high reputation APICORP currently enjoys among the financial institutions in the region.

In conclusion, members of the General Assembly, the Chairman and members of the Board of Directors express their thanks and appreciations to the host country the State of Qatar for the cordial reception and generous hospitality extended to them during their stay in Qatar.

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