Arab Petroleum Corporation Records 16 percent Increase in Net Profits
The Arab Petroleum Investments Corporation (APICORP), an Arab joint stock company affiliated to the Organization of Arab Petroleum Exporting Countries (OAPEC), announced Saturday that it achieved a net profit of $40.4 million, compared to $34.9m for 1999, a 15.8 percent increase, according to Gulf News.
The figures were released during the corporation's first meeting that was held in Jeddah, Saudi Arabia, said the daily.
The meeting was chaired by Saudi Arabia, and attended by representatives of Bahrain, Algeria, UAE, Syria, Iraq, Qatar, Kuwait, Libya and Egypt.
The results will be submitted to the shareholders for approval at the annual general assembly on April 5, said the daily.
A number of major financing deals were completed last year, resulting in the highest net operating income in the corporation's 25-year history.
Among the projects and business deals carried out by the corporation are oil and gas field development and production, drilling and seismological contracts, export finance for crude and refined products from the region.
The corporation, according to its website, also offers financial advisory services -- Albawaba.com
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