• October 22, 2016
    Last updated 35 minutes ago


Apicorp first half 2016 profit at $55.1m

The profits of the organisation down by about 3 per cent due to lower oil prices

Staff Report
17:08 October 17, 2016

Abu Dhabi: The Arab Petroleum Investments Corporation (Apicorp) on Monday reported a slightly lower profit of $55.1 million in the first half of this year when compared to a profit of $56.5 million during the same period in 2015.

The profit got reduced by about 3 per cent due to fall in oil prices, the Dammam headquartered organisation said in a statement.

Apicorp has announced three major financing and investment opportunities since the commencement of the second half of the year.

In July, it launched a landmark shipping fund with the National Shipping Company of Saudi Arabia (Bahri), which will invest up to $1.5 billion in 15 Very Large Crude Carriers (VLCCs).

In October, Apicorp issued $300 million Formosa bond in the Taiwanese market, and, most recently, the organisation arranged a three-year $100 million Murabaha Financing Facility for Egyptian General Petroleum Corporation.

“Apicorp has continued to perform strongly, delivering value for its shareholders, achieving healthy levels of profitability and fulfilling its mandate to promote cooperation and economic integration in the Arab hydrocarbon and petrochemical industry,” Raed Al Rayes, Deputy CEO and General Manager of Apicorp, said in a statement.

The organisation was established in 1975 by the 10-member states of the Organisation of Arab Petroleum Exporting Countries to foster the development of Arab world’s oil and gas industry.

Moody’s Investors Service has affirmed Apicorp’s foreign currency issuer rating at “Aa3” with a “Stable” outlook.