4th Board of Directors Meeting, 2003

28/12/2003 – 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 Sunday 28th December in Cairo, Arab Republic of Egypt.

The meeting was chaired by Mr. Abdullah Al-Zaid, representative of the government of Kingdom of Saudi Arabia.

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 US$ 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% 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.

At the end of the meeting, the chairman and members of the Board expressed their thanks and gratitude to the government of the Arab Republic of Egypt for the the cordial reception and generous hospitality extended to them during their stay in Cairo.