Bahrain's Arab Banking Corporation (ABC) and Arab Petroleum Investments Corporation have arranged a $50 million loan for the development of a Libyan oil field by a Swedish company, ABC said Wednesday.
International Petroleum Libya Limited and Lundin Investments Limited have taken the six-year facility to develop a block in Libya's Naga North field which has proven reserves of more than 85 million barrels.
Both companies are subsidiaries of Sweden's Lundin Oil AB, an independent oil and gas exploration and production firm.The loan facility was signed in Bahrain on Wednesday, said ABC, the largest Arab bank in terms of assets.—AFP.
©--Agence France Presse.
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