Arab Petroleum Investments Corporation (APICORP)
The agreement establishing APICORP was signed on 1974. APICORP was officially formed in AL Khobar City in Saudi Arabia, with all OAPEC member countries as shareholders. The authorized capital of the Corporation was $1.2 billion, with $400 million subscribed. In May 2003 the General Assembly of the Corporation approved raising its subscribed capital to $550 million. The capital increase was financed from APICORP’s general reserve.
The primary purpose of APICORP is to assist in the financing of projects related to the petroleum industry. The rationale for its formation is the substantial financial requirements of petroleum projects. The Corporation participated in twelve joint projects in Bahrain, Egypt, Iraq, Jordan, Libya, Saudi Arabia and Tunsia.
APICORP is a partner in two of the subsidiaries of the Arab Petroleum Services Company (also an OAPEC- sponsored venture) namely: The Arab Drilling and Workover Company (ADWOC), and the Arab Geophysical Exploration Services Company (AGESCO). APICORP’s equity stakes in the two companies are 20% and 10% respectively.
APICORP has 32% equity stake in the Arab Company for Detergent Chemicals (ARADET), which was established March 12, 1981, as a joint venture among several Arab interests with an authorized capital of ID 72 million, and headquarters in Baghdad, Iraq. The Company has three production trains in its Linear Alkyl Benzene Complex. The Company’s overall activity has been severely affected by the UN economic sanctions against which were imposed against Iraq, and the instability which Iraq witnessed in recent years.
For more information Visit company website : www.apicorp-arabia.com