354
39
th
Annual Report
2011 and the first half of 2012. Notably, they made progress in mutual
coordination and cooperation in providing financial and technical support.
It should be noted that all the companies are fully independent, and that
their annual general meetings have the competence to make decisions, at
their own discretion, to manage and set up plans for their development.
Moreover, sponsored ventures still aspire to have more support from
OAPEC member countries, and that the forthcoming period will witness
the opening of Arab markets for their activities on competitive grounds, if
not on a preferential basis.
The following paragraphs provide a brief on the activities of each
OAPEC sponsored venture.
Summary of Major Activities Facing Sponsored Ventures
I. ARAB MARITIME PETROLEUM TRANSPORT COMPANY
(AMPTC)
Arab Maritime Petroleum Transport Company (AMPTC) was
established on 6 May 1972, with an authorized capital of US$500 million,
and paid-up capital of US$250 million. The company is situated in the
State of Kuwait, and all OAPEC members, with the exception of Syrian
Arab Republic, have stakes in the company. The object of the company is
to carry out maritime transport of hydrocarbons.
1. AMPTC Activities in 2011
The company’s fleet consists of 9 crude oil, liquefied gas, and clean
petroleum products transport tankers. The company charters out its tankers
under time charter contracts or sport voyage system according to the
prevailingmarket rates.All the company’s tankers are accepted by all global
oil companies, and are subject to their periodic technical examination to
continue operation. The company has well-established relations with Arab
oil marketing companies, allowing it, from time to time, to charter out
some of its tankers to those companies to meet their requirements, at the
