1999 News Story

APICORP supports industry in Arab world

The Arab Petroleum Investments Corporation (APICORP) issued a press statement today following a meeting of its board at its headquarters in Al-Khobar, reporting that in 1998 APICORP had invested a total of SR 474 million (U.S. $ 199.2 million) in eleven companies in Saudi Arabia, Bahrain, Syria, Libya, Iraq, Egypt, Tunisia and Jordan.  The largest recipient of these investments is the Kingdom, through companies affiliated with Saudi Basic Industries Corporation (SABIC). During the months of April and May 1999 APICORP participated in the SR 1.25 billion (U.S. $ 0.33 billion) financing of the Saudi petrochemical company SADAF. The meeting was chaired by Abdullah Al-Zaid, Deputy Governor of Petromin and Saudi Arabia's official representative on the APICORP board.