Arab Today, arab today arab petroleum investments corporation\s net pofit grows 31 in 2013
Last Updated : GMT 22:17:12
Arab Today, arab today
Arab Today, arab today

Arab petroleum investments corporation\'s net pofit grows 31% in 2013

Arab Today, arab today

Arab Today, arab today Arab petroleum investments corporation\'s net pofit grows 31% in 2013

Arab - QNA

Arab Petroleum Investments Corporation (APICORP), the Multilateral Development Bank owned by the ten member nations of the Organisation of Arab Petroleum Exporting Countries (OAPEC), has announced that its net profit for the first half of the year grew 31% to US$66 million from US$51 million for H1 2012. APICORP’s assets reached US$ 5.12 billion at the end of H1 2013. The government of Qatar owns a 10% stake in APICORP, a press release issued here on Tuesday said. The Multilateral Development Bank also announced that leading global ratings agency Moody’s has affirmed its issuer rating and senior unsecured rating at Aa3 with a stable outlook. The rating affirmation reflects APICORP’s strong capital adequacy position, high-quality asset portfolio and strong shareholder support. Moody’s also retained its Prime-1 rating for APICORP’s short-term debt. Ahmad Bin Hamad Al-Nuaimi, Chief Executive and General Manager of APICORP said, \"Our strong profit growth reflects our ability to continuously expand our income streams while ensuring the optimal funding composition that supports sustainable growth. We will continue to widen our investment and financing horizons by exploring new opportunities with a key focus on growing trade finance activities in the region. In the fourth quarter of this year, APICORP will be conducting an extensive exercise to develop a new five-year strategic plan for 2014-2018 that will further support our mandate of raising capital access and enhancing the financial performance of the Arab energy industry.\" APICORP’s investment diversification this year was spearheaded by its first Fund, the APICORP Petroleum Shipping Fund, a landmark US $150 million Fund aimed at leveraging growth opportunities in the petroleum product tanker charter market. The initiative, which captured significant interest from the shipping industry, was the first fund in the region aimed at a specific vessel category. At the same time, APICORP continued to rapidly grow its trade and structured commodity finance activities, which since 2011 have complemented its historically strong project finance franchise. Trade and structured commodity finance services and loans provided by APICORP over H1 2013 helped finance hydrocarbon transactions involving the world’s largest hydrocarbon commodity traders transacting with Arab-based refiners. Since its founding in 1975, APICORP has played a vital role in fostering the development of the Arab energy industry. Over the last 37 years, APICORP has invested, as an equity owner, in a total of 22 oil and gas joint venture projects worth in excess of $16 billion. At the same time, APICORP has participated in direct and syndicated energy finance transactions worth in excess of US$130 billion. APICORP‘s aggregate commitments in these transactions, both in equity and debt, are valued in excess of US$12 billion.

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