June 3, 2012:

Arab Petroleum Investments Corporation was working with the Bahrain’s Ministry of Energy and National Oil and Gas Authority to tap into $8 billion refinery expansion project. Mr Ahmad Bin Hamad Al Nuaimi GM and CEO of Apicorp said that talks were on with concerned authorities for possible participation of Apicorp in Bahrain’s refinery project. The Symposium titled ‘MENA Energy Investment in a Global Setting’ held at Ritz Carlton Hotel and Spa was addressed by Mr Roberto Sieber chief economist of HESS Energy Trading Company who made a presentation on Oil Market Outlook: Black Swans Turning White. The other speakers include Mr Bill Farren Price CEO Petroleum Policy Intelligence and Mr Ali Aissaoui senior Policy Consultant of Apicorp.

Mr Al Nuaimi said that “We are finalizing the modalities of Apicorp’s participation in Bahrain’s USD 8 billion refinery project including the option of providing debt financing. Apicorp joined hands with Chevron in 1978 to establish one of the most successful projects in Bahrain known as Bahrain National Gas. Banagas is one of the most successful projects carried out by Apicorp in Bahrain and we will continue to seek more participation in Bahrain’s oil and gas sectors.

He said that since its founding in 1975, Apicorp has pivotal role in fostering the development of the Arab oil and gas industry. Apicorp has invested in 17 JV in the oil and gas industry. It has also participated in direct and syndicated energy transactions worth an estimated USD 130 billion. Apicorp‘s aggregate commitments in these transactions, both equity and debt are valued in excess of USD 12 billion. While we look back with pride at our achievements, we also look forward to building on our track record to catalyse more value creation in the industry.

Mr Al Nuaimi said that the bank would continue to make greater contributions to the Arab economies by serving and promoting prosperity and empowering greater enterprise and progress. Most of the expansion work at Saudi Aramco were envisioned and carried by Apicorp setting a new benchmark of excellence. Talking about the bank’s performance he said around USD 1 billion of debt financing was offered by the bank across the MENA.

He said that as part of a new agreement with JP Morgan, from June, Apicorp will offer a complete range of trade finance products and services to its clients including letters of credit, collections and guarantees. By offering trade finance services Apicorp enters into a new era diversification of its business streams and help the bank to benefit from the Arab world’s energy sector.

By 24x7 News