Petroleum Africa
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Thursday, October 6, 2016
APICORP has arranged a three-year $100 million Murabaha Financing Facility for Egypt’s state-run oil firm EGPC. EGPC intends to use the new Murabaha facility provided by APICORP to fund the purchase of Liquid Petroleum Gas (LPG) from the Arab Maritime Petroleum Transport Company (AMPTC).
Dr. Raed Al Rayes, Deputy CEO & General Manager of APICORP, commented: “We are very pleased to be supporting Egypt’s petroleum industry through arranging of this Murabaha facility. It contributes to the stability and security of supply of energy to the Egyptian people.
“APICORP has had a history of successful presence in Egypt, as well as, a lengthy and profitable association with EGPC. Supporting all areas of the regional energy industry goes to the very heart of APICORP’s approach, so today’s announcement is the latest evidence of our continued and successful efforts.”
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