The Arab Petroleum Investments Corporation (Apicorp) said on Tuesday it signed a $93 million loan agreement to finance Arab Maritime Petroleum Transport Company's (AMPTC) purchase of two Aframax oil product tankers.

Apicorp is owned by the 10 member states of the Organization of Arab Petroleum Exporting Countries (OAPEC), while AMPTC provides maritime transport services for OAPEC and its members.   

Apicorp is one of the joint mandated arrangers of the loan, along with Credit Agricole Corporate and Investment Banking (CACIB), while Gulf International Bank (GIB) is the arranger of the transaction.

'Despite today's difficult financing conditions, over the last few months, we have participated in financing transactions in the petroleum and petrochemical sector with a total value of $9 billion,' said Ahmad Bin Hamad Al-Nuaimi, chief executive and general manager of Apicorp.

He added Apicorp's commitments were approximately $213 million.
 The two oil product tankers will be delivered by Hyundai in July 2012 and March 2013, the statement said.

As of May 2010, AMPTC owned four crude oil tankers, three oil products tankers and four liquefied petroleum gas (LPG) carriers. - Reuters