According to APICORP Chief Executive and General Manager Ahmad bin Hamad Al-Nuaimi, the corporation had entered into the five-year term facility agreement on April 27, 2005, and had April 27, 2010, as the date of maturity.

He underlined the fact that APICORP honored its obligations despite the financial crisis. “We remain steadfast in our mission of supporting the development of the oil, gas, petrochem and energy industries in the Arab world,” he said.

According to Al-Nuaimi, the sound liquidity that APICORP enjoys has made it possible for it to continue its normal operations and to tap the market for competitive term facilities in the future.

At its 34th ordinary meeting in Jeddah recently, APICORP reported a massive jump in profits. It said the net profit for the period ending Dec. 31, 2009, jumped to $58.5 million compared to $27.6 million in 2008. Total assets by the end of 2009 rose to $4.1 billion compared to $3.56 billion in 2008, while total shareholders’ equity rose to $1.1 billion compared to $895 million in 2008.

APICORP is an inter-Arab financial institution established in 1975 in accordance with an international agreement between member states of the Organization of Arab Petroleum Exporting Countries (OAPEC).

APICORP aims to be the partner of choice of oil and gas and energy-related companies, both public and private and to be recognized as a world-class professional institution and the leading source of research on the Arab hydrocarbon and energy industries.