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.
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