Algeria's Sonatrach secures $50-million Arab loan
Two Saudi-based Arab investment companies have extended a $50 million loan to Algeria's oil and gas company Sonatrach, according to a statement Monday, November 12.
The term loan facility was extended by Arab Petroleum Investments Corp. and The Arab Investment Co. (TAIC), APICORP said. The loan will be used to "finance Sonatrach's oil operations," it added.
Dammam-based APICORP is an affiliate of the Organization of Arab Petroleum Exporting Countries, grouping Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria and the United Arab Emirates. TAIC, capitalized at $400 million, is owned by 17 Arab countries and based in Riyadh. Kuwait, Saudi Arabia and the UAE hold nearly 50 percent of the shares. — (AFP, Riyadh)
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