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PART TWO
OAPEC Activities in 2012
active. In the second quarter, two mega projects were offered for finance
in the market. These are: Sadara petrochemicals Project, which is being
promoted by Saudi ARAMCO and the US DOW, and the EMAL Company
Expansion Project in Abu Dhabi. In this context, APICORP proposed to
participate in the arrangement of Sadara Project with US$100million.
APICORP also participated in securing the European Investment
Bank’s loan to the project of the Egyptian Company for Refining with
US$40million. The guarantee under the anticipated cooperation between
APICORP and the European Investment Bank was provided when the
company was awarded AA credit rating by Moody’s.
Year-to-dateAPICORP has concluded agreements to purchase a number
of loans from the secondary market, totaling US$190million. Discount
rate was reduced as the European Central Bank injected liquidity into the
banking system. Regarding the issuance of L/Cs, APICORP finalized all
procedures and tests in June 2012. A vast branch network of JP Morgan
supports this service. Those financial services were offered to a number of
customers, who welcomed cooperation with APICORP in this area.
5. Financial Results for the First Half of 2012
APICORP posted a net profit of US$50.6million in the first six months
of 2012. The company’s assets totaled US$5,121million as of 30 June
2012, compared to US$4,630million as of 31 December 2011. The
corporation’s total shareholders’ equity increased to US$1,227million,
from US$1,219million as of 31 December 2011. APICORP borrowed the
equivalent ofUS$667millionviaamediumtermloan.AboutUS$400million
of the loan amount was to be utilized in the settlement of the existing loan
with maturity on 27 May 2012, and the balance to be utilized in covering
the corporation’s financing needs.
In line with APICORP’s five-year plan approved by the board of
directors on 25 December 2011, which aims at developing the company’s
investments and assets, reducing reliance on short-term sources of finance,
depending onmedium and long-term sources of finance, and reducing asset/
