The chief executive of the Arab Petroleum Investments Corporation (APICORP), a multilateral bank owned by the 10 member states of the Organization of Arab Petroleum Exporting Countries (OAPEC), said on Sunday that massive oil and gas projects scheduled in the region bode well for the longevity of the industry.
In a press release covering APICORP’s first six month results, Ahmad Bin Hamad Al-Nuami said: “Hydrocarbon and energy assets are expected to outperform others as the global economy recovers. Large oil and gas projects expected to be implemented in the Arab world over the coming years represent exceptional investment opportunities. We expect APICORP to play a meaningful role in these opportunities.”
“APICORP is well-positioned to benefit from the turnaround in energy investments that will accompany economic recovery,” he said.
At the end of June 2010, Dammam based APICORP’s total income jumped to US$52 million, a 75% rise over the same period last year. Assets climbed to US$4.3 billion from $4.1 billion on 31 December 2009 the release said, adding that total shareholder equity also reached $1.069 billion at the end of June 2010, from $1.002 billion at the end of 2009.
APICORP has an authorised capital of $1.2 billion and a fully paid-up and subscribed capital of US$550 million.
Hydrocarbons projects in the Gulf are estimated to be worth more than $690 billion with demand for hydrocarbons and refined products to encourage further project activity as the global economy pulls out of recession.
The Arab Petroleum Investments Corporation (APICORP) was established in 1975 in accordance with an international agreement between the governments of the ten Member States of the Organization of Arab Petroleum Exporting Countries (OAPEC).
