The Board of Directors of Arab Petroleum Investments Corporation (APICORP) - an affiliate of the Organisation of Arab Petroleum Exporting Countries (OAPEC) - held its 4th and last meeting for the year 2003 on December 28, in Cairo, Egypt.
The Board reviewed reports on the developments of the Corporation’s finance and investment activities, in addition to the financial statements for the period from January to November of 2003 and the Budget Estimate for 2004.
APICORP participated during the year in the arrangement of project and trade finance loans totalling $ 4.26 billion, offered to oil, gas and petrochemical projects in the Arab region.
The Board of Directors took note of the establishment of Alexandria Acrylic Fibers Company where APICORP took a 10 percent equity share; a project aiming for the production of acrylic fibers at the capacity of 18,000 tons per year. The Board also reviewed the developments of the Corporation’s equity participations and the good results the operations of these companies achieved during 2003. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
