Apicorp lends $93m to AMPTC for oil tanker buy

Arab Maritime Petroleum Transport Company to buy two Aframax oil product tankers
Apicorp lends $93m to AMPTC for oil tanker buy
OIL TANKERS: The two oil product tankers will be delivered by Hyundai in July 2012 and March 2013 (Getty Images)
By Reuters
Tue 09 Nov 2010 04:44 PM

The Arab Petroleum Investments

Corporation (APICORP) said on Tuesday it signed a $93m loan agreement to finance Arab Maritime Petroleum Transport

Company's (AMPTC) purchase of two Aframax oil product tankers.

APICORP is owned by the 10 member states of the Organization

of Arab Petroleum Exporting Countries (OAPEC), while AMPTC

provides maritime transport services for OAPEC and its members.

APICORP is one of the joint mandated arrangers of the loan,

along with Credit Agricole Corporate and Investment Banking

(CACIB), while Gulf International Bank (GIB) is the

arranger of the transaction.

"Despite today's difficult financing conditions, over the

last few months, we have participated in financing transactions

in the petroleum and petrochemical sector with a total value of

$9bn," said Ahmad Bin Hamad al-Nuaimi, chief executive and

general manager of APICORP.

He added APICORP's commitments were approximately $213m.

The two oil product tankers will be delivered by Hyundai in

July 2012 and March 2013, the statement said. As of May 2010,

AMPTC owned four crude oil tankers, three oil products tankers

and four liquefied petroleum gas (LPG) carriers.

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