APICORP Settles its US$ 250 Million Term Loan on Time

26/04/2010 – APICORP Settles its US$ 250 Million Term Loan on Time

The Chief Executive and General Manager of Arab Petroleum Investments Corporation (APICORP), Mr. Ahmad Bin Hamad Al Nuaimi, announced that APICORP has repaid its US$ 250 million five year Term Loan on Sunday 25th April 2010. Mr. Ahmad Al-Nuaimi stated that APICORP entered into this five year Term Facility Agreement on 27th April 2005, with a maturity date at April 27, 2010.

Mr. Al Nuaimi added that “Despite the impact of the financial crisis, APICORP continues to honor its obligations, and carries along with the fulfillment of its objectives of supporting the development of the oil, gas, petrochemical and energy industries in the Arab world.

Mr. Al-Nuaimi also added that, “The sound liquidity that the Corporation enjoys has made it possible for it to continue its normal operations and tap the market for competitive term facilities in the future.”

Arab Petroleum Investments Corporation (APICORP) is an inter-Arab financial institution, established in 1975 in accordance with an international agreement between member states of the Organisation of Arab Petroleum Exporting Countries (OAPEC).