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FINANCIAL NEWS
Saudi Arabia- Apicorp repays $250m loan
27 Apr 2010
(MENAFN) The General Manager of the Arab Petroleum Investments Corp. (APICORP) announced that the Saudi-based corporation has repaid its $250 million five-year term loan, Gulf daily News reported.
He pointed out that Apicorp has entered into the five-year term facility agreement on April 27, 2005, with a maturity date of April 27 this year.
He added that despite the impact of the financial crisis, APICORP continues to honor its obligations, and carries along with the fulfillment of its objectives of supporting the development of the oil, gas, petrochemicals and energy industries in the Arab world.
The sound liquidity that the corporation enjoys has made it possible for it to continue its normal operations and tap the market for competitive term facilities in the future, the official affirmed.
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