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FINANCIAL NEWS
Apicorp approves USD61m loan for Fujairah oil terminal
20 Dec 2011
(MENAFN) The Arab Petroleum Investments Corporation’s (Apicorp) Chief Executive and General Manager, Ahmed Bin Hamad Al-Nuaimi, said that the institution would give the first tranche of a finance package to Socar Aurora Fujairah Terminal (SAFT) worth USD61 million, reported Emirates 24/7.
Al-Nuaimi added that the loan would finance the construction of a 641,000 cubic meter oil terminal in Fujairah, moreover, the project would be forecasted to add value to the development of the oil logistics infrastructure of Fujairah, in addition to the growing trading sector of the region.
He also said that Apricorp, a multilateral development bank owned by the ten member states of the Organization of Arab Petroleum Exporting Countries (OAPEC), was selected in May as the only arranger by SAFT for a USD110 million term loan facility, which consisted of two tranches to finance the phased development of the project.
It is worth noting that SAFT, is a joint venture between Socar Trading, the international marketing, trading and development arm of the State Oil Company of the Azerbaijan Republic (SOCAR), one of the largest national oil firms in the world; Aurora Progress, the Swiss based commodity trading house; and the Government of Fujairah.
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