Doha: The Arab Petroleum Investments Corporation (Apicorp), a multilateral development financial institution, agreed to two loan facilities worth a combined $250m with Sonatrach Petroleum Investment Corporation (SPIC), a subsidiary of Sonatrach International Holding Corporation owned by Sonatrach, the Algerian state-owned national oil company.
The first loan, a $100m bilateral pre-financing facility, will be used to fund the maintenance of the Sonatrach Raffineria Italiana complex in Sicily, Italy. The second loan, a $150m unfunded and syndicated letter of credit, is for the purchase crude oil by Sonatrach Raffineria Italiana.
Dr. Ahmed Ali Attiga, CEO of Apicorp, said: “Apicorp is committed to supporting and financing Sonatrach in its first overseas acquisition. This is part of our mission to continue playing an active role in the development of our member countries’ broader energy sector and contribute to diversification and geographic expansion. As a trusted financial partner to the region’s energy sector, we remain steadfast in our mission to continue exploring opportunities in Algeria and other member states.”
