JEDDAH, 5 December 2006 — National Oil Corporation (NOC) of Libya and Bahrain-based Arab Banking Corporation (ABC) have signed a Memorandum of Understanding (MOU) at NOC’s headquarters in Tripoli.
ABC is appointed as a financial adviser under the MOU, to provide NOC with assistance and advisory services in relation to certain projects undertaken by NOC.
The signing ceremony was attended by senior representatives of NOC and ABC. At the signing ceremony, NOC Chairman of Dr. Shukri Ghanem highlighted NOC’s future business strategy and thanked ABC for its commitment and support.
Abdulmagid Breish, deputy chief executive and chief banking officer at ABC, said, “ABC is delighted to have the opportunity to provide NOC with financial advisory services and we’re extremely pleased to have the opportunity to work with such a prestigious business partner as NOC, and grateful for the trust shown in ABC. NOC is a highly valued client of the ABC Group, and has been so for many years and the signing of this MOU extends our excellent relationship.” Both NOC and ABC envisage that several ancillary assignments will evolve under the MOU providing the opportunity for substantial additional mutually beneficial business collaborations.
