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Egypt’s state oil firm EGPC is receiving a three-year $100mn loan from Saudi-based development bank Apicorp.
“EGPC now intends to use new Murabaha facility provided by Apicorp to fund the purchase of Liquid Petroleum Gas (LPG) from the Arab Maritime Petroleum Transport Company (AMPTC),” Apicorp says in a 5 October press release.
AMPTC, like Apicorp itself, is an arm of the Organization of Arab Petroleum Exporting Countries (OAPEC).
Saudi Arabia and fellow GCC monarchies the UAE and Kuwait are the three largest shareholders in Oapec, with a collective 51%. They have also been the key foreign backers of Egypt’s president Sisi to the tune of several billion dollars (see p12). Egypt is a minor shareholder with 3% but has been the largest single recipient of Apicorp funds in recent years. (CONTINUED - 239 WORDS)