Arab Petroleum Investments Corporation (APICORP), a development bank owned by the 10 member states of the Organization of Arab Petroleum Exporting Countries (OAPEC), announced on 24 September that its assets had reached $5.12bn as of 30 June 2013. Net profits for the first half of 2013 grew 31% to $66mn from $51mn in the corresponding period of 2012.
APICORP’s Chief Executive and General Manager Ahmad al-Nuami said “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 2014-18 that will further support our mandate of raising capital access and enhancing the financial performance of the Arab energy industry.” The corporation further said that investment diversification in 2013 was spearheaded by its first fund, the APICORP Petroleum Shipping Fund, a $150mn fund aimed at leveraging growth opportunities in the petroleum product tanker charter market. It added that the initiative, which captured significant interest from the shipping industry, was the first fund in the region aimed at a specific vessel category (MEES, 1 March). Also the corporation continued to rapidly grow its trade and structured commodity finance activities. It added that under the heading of trade and structured commodity finance services and loans, the corporation in the first half of 2013 “helped finance hydrocarbon transaction involving the world’s largest hydrocarbon commodity traders transacting with Arab-based refiners.” (CONTINUED - 297 WORDS)