Key Milestones in APICORP’s History
1974: Ten Member States of the Organization of Arab Petroleum Exporting Countries (OAPEC) sign agreement on the establishment of APICORP.
1975: Starts operations from Dammam, Saudi Arabia.
1976: Commences loan financing activities to Arab petroleum companies.
1978: Begins direct equity investment activities.
1987: Starts offering trade financing for petroleum, gas and petrochemical projects.
2001: Begins providing financial advisory services to assist shareholder countries and companies with the financing of projects.
2001: Board of Directors approves APICORP’s expansion into the power generation sector.
2005: Board of Directors approves the establishment of a foreign branch in Bahrain. APICORP secures license from the Central Bank of Bahrain.
2005: Ahmad Bin Hamad Al-Nuaimi appointed as General Manager of the Corporation.
2006: Bahrain branch established.
2008: New management structure put in place – includes a “stand-alone” Economics & Research unit.
2010: Receives first-time issuer rating of A1 by Moody’s Investors Service for long-term debt and Prime-1 for short-term debt.
2010: Landmark SAR 2 Billion Debut Bond Oversubscribed Three Times.
2011: Highest Annual Net Profit in History.
2011: General Assembly Increases Subscribed Capital by 173% to US$ 1.5 billion and double the authorized capital from US$ 1.2 billion to US$ 2.4 billion.
2012: APICORP Bucks Global Banking Trend with Moody’s Rating Upgrade from A1 to Aa3.
2013: APICORP Announces Landmark $150 Million Petroleum Shipping Fund.
2013: Moody’s endorses APICORP’s financial strengths with affirmation of Aa3 rating with stable outlook.