01/10/2005 – The Board of Directors of Arab Petroleum Investments Corporation (APICORP) – an affiliate of the Organisation of Arab Petroleum Exporting Countries (OAPEC) – held its 3rd meeting for the year 2005 on Saturday 1st October in Cairo, Arab Republic of Egypt..
The meeting was chaired by Mr. Abdullah Al-Zaid, representative of the government of Kingdom of Saudi Arabia, and was attended by representatives from other member states.
The meeting was also attended by Mr. Ahmad Bin Hamad Al-Nuaimi, Chief Executive and General Manager of APICORP.
The Board reviewed reports on the Corporation’s finance and investment activities, as well as the financial statements for the period from the January to August 2005.
Mr. Al-Nuaimi disclosed that the investment portfolio has achieved an exceptional return equivalent to 78.6% of the net income as a result of the selling of APICORP’s share in the Egyptian Fertilizers Company, in pursuit of exercising the Corporation’s strategy that aims towards the revolving and reinvesting in newly developed oil and gas projects in the member states and other Arab countries.
APICORP’s Chief Executive and General Manager also mentioned the US$ 40 million line of credit agreement with the Arab Trade Financing Program which was signed in Abu Dhabi on 16th August, 2005.
One other important development which would positively impact the APICORP’s investment and financing activities in the coming few years was the approval by the Bahrain Monetary Agency granting APICORP a license to establish a banking unit in the Kingdom of Bahrain aiming towards the development and expansion of its banking services in support of the hydrocarbon industries in the Arab region.
Mr. Al-Nuaimi mentioned that the project and trade sector of the Corporation has seen a good deal of activities during the 3rd quarter of 2005; adding that, for the period from January to August of the current year, APICORP participated in project and trade finance facilities totaling US$ 2.2 billion dollars, arranged for petroleum and petrochemical projects and industries in the Arab world.