Apicorp arranges finance for Fujairah terminal
Manama, December 19, 2011
The Arab Petroleum Investments Corporation (Apicorp) has signed an agreement to deliver the first tranche of a finance package for Socar Aurora Fujairah Terminal (SAFT).
The financing will help fund the construction of a 641,000 cu m oil terminal in the UAE port city of Fujairah.
The Project, known as SAFT, is a joint venture between Socar Trading, the international marketing, trading and development arm of the state oil company of the Azerbaijan Republic (Socar), one of the largest national oil companies in the world; Aurora Progress, the Swiss-based commodity trading house; and the Government of Fujairah.
Apicorp is a multilateral development bank owned by the 10 member states of the Organization of Arab Petroleum Exporting Countries (Oapec).
In May this year, Apicorp was mandated the sole arranger by SAFT for a $110 million term loan facility, consisting of two tranches, to finance the phased development of the project.
Funding for Tranche 1, worth $ 61 million, has from Apicorp and the National Bank of Fujairah.
Ahmed Bin Hamad Al-Nuaimi, chief executive and general manager of Apicorp, said: “We are delighted to announce this finance package for a project that is expected to add value to the development of the oil logistics infrastructure of Fujairah, an important international petroleum trading hub, as well as the burgeoning trading sector of the region.”
“In 2011, Apicorp has participated in $11 billion worth of project finance and trade transactions, of which Apicorp’s commitment is $1.3 billion,” Al Nuaimi said. – TradeArabia News Service