Gulf Oil and Gas accountACCOUNT

Apicorp Arranges $100m Funding for EGPC

Source: Times of Oman 10/5/2016, Location: Africa

Share |
Arab Petroleum Investments Corporation (Apicorp) said it has arranged a three-year $100 million Murabaha financing facility for Egyptian General Petroleum Corporation (EGPC).

Apicorp is a multilateral development bank established in 1975 by the 10-member states of the Organisation of Arab Petroleum Exporting Countries (Oapec).

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.

Egyptian General Petroleum Corporation 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.

Egyptian General Petroleum Corporation 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).

“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,” said Dr Raed Al Rayes, deputy chief executive officer and general manager of Apicorp, commented.

“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,” he added.

For more information about related Opportunities and Key Players visit Egypt Oil and Gas Projects

Financials and Investment News in Egypt >>

United Arab Emirates >>  8/14/2018 - Dana Gas PJSC, the Middle East's largest regional private sector natural gas company, has announced that the issue of its new Sukuk has been completed...
United Kingdom >>  8/13/2018 - Petrofac has secured US$300 million of new bank facilities with existing relationship banks. These new committed facilities, which will mature in 2020...

Iran >>  8/6/2018 - Iran plans to implement a new financial rescue package on Monday to try and halt the rial’s decline, coinciding with the re-imposition of severe U.S. ...
Iran >>  8/5/2018 - Saudi Arabia has agreed to admit an Iranian diplomat to head an office representing Iranian interests in the kingdom, the official Iranian news agency...

Brazil >>  8/3/2018 - Petrobras reported net income of R$ 17 billion in the first half of 2018. The positive result was mainly influenced by the increase in international o...
Azerbaijan >>  8/1/2018 - The EU Member States agreed on European Commission proposal to invest €48.4 million in several key European energy infrastructure projects using funds...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Egypt Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 |

More News

 

Oil & Gas Companies in Egypt >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.