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.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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