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PART TWO
OAPEC Activities in 2012
whose objective is to participate in the financing of oil industry’s projects
and relevant activities, or to assist in such projects to the benefit of member
countries by supporting their ability to benefit from their petroleum
resources and invest their savings to boast their economic and financial
capacity.
1. Projects and Trade Finance in 2011
In 2011 APICORP maintained its foothold as one of the largest
regional financial institutions in project and trade finance sector, which
saw some signs of recovery in the GCC countries during 2011, compared
to the previous year. In North Africa, the geopolitical events caused the
delay of certain financing operations commenced in 2010. Under such
circumstances, the project financiers and developers were obliged to take
precautionary measures.
APICORP continued to improve its loan portfolio, with net value by
end of 2011 amounting to about US$2.8 billion, compared to US$2.5
billion by the end of 2010. Despite the political events recently witnessed
by the Arab region, APICORP maintained a high quality loan portfolio,
giving grounds for rating it at an affirmed “stable”, with AA for internal
rating. Meanwhile, defaults on loan installment repayments remained at
their minimum levels.
Project and trade finance activity posted a net profit of about US$30.75
million in 2011, compared to nearly US$26.0 million in 2010. For the
second consecutive year, the pricing of financing deals signed in 2011
went up, and the company gained on purchasing assets from secondary
markets, with good discounts.
2. Direct Participations in Project Capitals for 2011
APICORP’s objective is to participate in developing hydrocarbon and
energy industry projects in the Arab region. APICORP participates in
the capitals of 12 projects that have presence in 5 Arab countries: Saudi
