Apicorp provides Egypt’s Gasco with $104 million loan
The Arab Petroleum Investments Corporation (Apicorp) recently agreed to provide the Egyptian Natural Gas Company (Gasco) with a $104 million loan. The funds will be funneled towards a new natural gas extraction plant in the Port Said region.
Apicorp will provide 40 percent of the loan and will collect the remaining 60 percent from international financial institutions, reported Business Today. Partners in the jointly-owned project include Agip of Italy and BP Amoco of the UK.
Established in 1997, GASCO is the government company in charge of transmitting gas through a grid of 3,680-kilometer long gas pipelines.
The Dammam-based Arab Petroleum Investments Corporation was founded in 1975. Its issued share capital is $460 million owned by the governments of Bahrain, Algeria, Saudi Arabia, Syria, Iraq, Qatar, Kuwait, Libya and Egypt.
It is an inter-Arab joint stock company that works in accordance with an international agreement approved by the governments of the ten member states of the Organization of Arab Petroleum Exporting Countries (OAPEC). — (menareport.com)
© 2001 Mena Report (www.menareport.com)