Apicorp supports development of Algeria’s energy sector

Dammam: The Arab Petroleum Investments Corporation (Apicorp), a multilateral development financial institution, agreed to two loan facilities worth a combined $250 million 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 $100 million bilateral pre-financing facility, will be used to fund the maintenance of the Sonatrach Raffineria Italiana complex in Sicily, Italy, which Sonatrach acquired from ExxonMobil in December 2018. The second loan, a $150 million unfunded and syndicated letter of credit, is for the purchase Saudi Aramco 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 the 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 and provide solutions that drive innovation and bolster the sustainability of this vital industry.”
Nordine Bouteldja, Managing Director of SPIC commented, “Our strategic investment in international refining through Sonatrach Raffinera Italiana will contribute to meeting local energy demand and address imbalances in petroleum supplies. This is of key importance to our efforts to diversify our energy assets and secure reliable supplies of crude oil, as part of our drive to meet local energy demand and address imbalances in petroleum supplies to the domestic market.”