362
39
th
Annual Report
liability mismatches, APICORP, during the first half of 2012, borrowed
US$133 via a medium-term loan, to be utilized in covering the company’s
financing needs, and increasing the medium-term sources of finance.
6. Staff and Training
Currently,APICORPemploys about 116 staffmembers at the corporation’s
headquarters in Khobar, Saudi Arabia, and at the foreign banking unit
in the Kingdom of Bahrain. About 69% of the employees are Arabs (80
employees), and the others are of non-Arab nationalities (36 employees).
According to the human resources strategy, and as needed, the corporation
increases the number of non-Arab employees to achieve balance between
Arab and non-Arab expertise in certain technical and specialist jobs that
require experience unavailable to Arabs, or difficult to obtain.
The corporation exerts efforts to develop the skills and capabilities of its
employees to achieve balance between the training requirements necessary
for the efficient performance of work and the necessity to cope with the
latest developments in economic, financial, petroleum, administrative,
and ICT areas. To realize this goal, the corporation utilizes the employee
performance appraisal program.
The corporation sets plans to develop the skills of its employees by
engaging them in short intensive courses in the various fields, while
focusing on the brief courses in the banking and petroleum industries. The
company trains fresh graduates of Arab nationalities, who join work at the
company, locally or abroad.
IV. THE ARAB PETROLEUM SERVICES COMPANY (APSCO)
The Arab Petroleum Services Company (APSCO) was established on 23
November 1975, with an authorized capital of 100 million Libyan dinars,
and a paid-up capital of Libyan Dinars 44million. The company is situated in
Tripoli, Libya, and all OAPEC member countries have stakes in the company.
The company was established to provide petroleum services, which were
monopolized by the major oil companies that own the secrets, technologies,
