Syria’s Share is 3% … APICORP decided to increase the company’s capital subscribed by 173% to reach U.S. $ 1.5 billion

In a move that reflected a strong emphasis on the confidence of Member States performance outstanding, the General Assembly of the Arab Company for Petroleum Investments (APICORP) at its special meeting held recently in Cairo, was unanimously capital increase subscribed by 173% from $ 550 million to 1,500 million dollars.

The Syrian government has 3% of the shares of APICORP.

General Assembly of the company APICORP, which is classified as multilateral Bank for development owned by the ten members of the Organization of Arab Petroleum Exporting Countries (OAPEC), decided in its extraordinary meeting to double the authorized capital of U.S. $ 1.2 billion to $ 2.4 billion, and increasing the company’s capital paid by 36% from 550 to 750 million dollars, through the capitalization of $ 200 million from retained earnings in the form of 200 thousand free shares are distributed to shareholders each according to its share capital, the highest in company history, which extends to thirty-five years.

On this occasion, ” Chief Executive Officer and Director General of the APICORP Ahmed bin Hamad Al-Naimi said:” This move reflects a capital increase confidence of Member States the ability APICORP to stimulate growth and enhance the contribution of oil and gas sector in the economies of the region, noting further that the capital increase would help the company achieve its goal of doubling the size of the portfolio of direct investments by the end of the current five-year plan.

From a strategic and long-term perspective, this increase will allow us to expand our investments and increase our funding dramatically, and then consolidate our leading role in this vital sector

We cannot in this place only to express our great appreciation to the contributors for their firm commitment to support the mission of APICORP of upgrading the status of the Arab energy sector to new heights, also contributed to its continued support in completing the APICORP to study the forward-looking and identifying investment opportunities that will support the oil and gas projects in the region and achieve the highest financial returns to supplement the economies of the region. ”

Shared countries supported t the company APICORP on three occasions during which increase the paid-up capital of the company, and that in the years 1981 and 1996 and 2003.
In 2008, the shareholders pledged to provide U.S. $ 1 billion credit facilities in the form of cash deposits with APICORP.

Al-Naimi said: “Furthermore, the waiver of shareholders in APICORP for dividends over the past three years, including the year 2010.
This is a pump money into the company, and reflects the keenness of contributors continuing to strengthen the capital base of the company. ”

The increase in capital following the declaration of APICORP financial results for the year 2010, which witnessed the growth of the annual net profits by 62% compared to the results in 2009, to reach U.S. $ 95 million.

This was accompanied by a rise in total assets of the company by 5% to $ 4.3 billion compared to what it was at the end of 2009 ($ 4.1 billion), and the rise in the total equity of the company by 13% to reach $ 1.1 billion.

APICORP continued to strengthen its position robust financial in the first quarter of 2011, with net profits earned $ 39.3 million, while total assets rose to 4.42 billion dollars and total equity to $ 1.16 billion.

In 2010, APICORP put in place a strategy to diversify sources of funding in order to start a new beginning to expand in the areas of investment

In line with this strategy, APICORP completed in October of last year put forward a first-bonds in Saudi Riyals $ 2 billion riyals ($ 533 million), saw the move by the exceptional turnout slice variety of investors

In an effort to bolster its efforts to expand and diversify its work APICORP is currently examining a number of investment opportunities in the areas of shipping and storage, oil refining and related infrastructure

In addition, APICORP looks forward to providing more financial services, consulting and financial engineering for energy projects in the region.

APICORP since its inception in 1975, played a distinctive role in the development of the Arab energy sector
Over 35 years of activity, APICORP invested in shares in the capital of a joint 22 projects exceeded the total cost of $ 13 billion

Also it contributed to the provision of direct loans and joint projects at a total cost U.S. $ 126 billion, exceeding the total commitment APICORP final, the form of quotas and loans financed nearly $ 11 billion.

Syria Oil