The Board of Directors of Arab Petroleum Investments APICORP financial institution arising from the Organization of Arab Petroleum Exporting Countries OAPEC held its second meeting in Damascus on Saturday with the participation of Syria.

Eng. Sufian Allaw Minister of Oil and Mineral Resources, stressed the importance of this meeting which will discuss important topics related to the company’s future plans and progress of projects that contribute to the company’s financing in the oil industry in the Member States in the company.

The minister pointed out that APICORP is one of the highly successful companies and achieve good returns and expresses-Arab cooperation rightful place among the Arab member states in which including Syria, pointing out that the company follows steps confident to achieve more success and fruitful cooperation in the different fields of oil and gas.

For his part, Ahmad bin Hamad Al-Nuaimi, Chief Executive Officer and General Manager of APICORP that the company is classified sink multilateral development owned by the ten States Members of the Organization of Arab Petroleum Exporting Countries OAPEC, the company has received recently on the classification of any won by Moodies Inafisters Service for long-term debt The value of total assets at the end of 2009 to 1.4 billion dollars, saying that what is achieved by the company’s achievements will contribute to the achievement of its plan for the next five years and will enhance the work and supports the achievement of its immediate and remote aims .

He noted to the great development witnessed by Syria in the field of prospecting and exploration in the areas of oil and gas and refining industry, pointing out that the facilities provided by the Syrian Oil Ministry in addition to the development of legislation and laws governing the operation of oil and gas sector accounted for a magnet and powerful investors from all over the world.

The meeting discussed topics on its agenda, most notably the annual report of the company contributions for the period ending 31 December 2009 as well as periodic reports which include the company’s activity financing and related sector projects in petroleum and petrochemical industries in Arab countries undertaken APICORP arrange loans with its own local and regional banks and global levels.

The meeting also discussed the company’s financial statements for the period from January to May of this year, in addition to reports of investment activity for the same period.

The meeting was attended by representatives of the governments of Saudi Arabia and United Arab Emirates, Bahrain, Algeria, Syria, Iraq, Qatar, Kuwait, Libya and Egypt.

The APICORP Arab financial institution established in 1975, according to an international agreement between Governments of States Members of the Organization of Arab Petroleum Exporting including Syria, based in Saudi Arabia.

Syria Oil