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The Arab Petroleum Investments Corporation (Apicorp) has raised $950mn in a two-tranche Shariah compliant financing deal. This “will be used to grow Apicorp’s portfolio of equity investments in regional energy projects,” the bank says.
Apicorp is a multilateral development bank established in 1975 by OAPEC’s 10 member states - Saudi Arabia, UAE, Kuwait, Libya, Iraq, Qatar, Algeria, Bahrain, Syria and Egypt – to “contribute to the development and the transformation of the Arab hydrocarbon and energy industries through equity and debt financing, advisory and research.”
As a guide to where the bank may look for new opportunities, Apicorp’s key investments include a range of petroleum industry companies and in particular petrochemicals producers (see table).
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