Cairo – Mubasher:  The Arab Petroleum Investments Corporation (APICORP), a multilateral development bank established in 1975 by the 10 member states of the Organization of Arab Petroleum Exporting Countries (OAPEC), said Wednesday that it has arranged a 3-year $100 million Murabaha financing facility for Egyptian General Petroleum Corporation (EGPC).

EGPC intends to use new Murabaha facility provided by APICORP to fund the purchase of Liquid Petroleum Gas (LPG) from the Arab Maritime Petroleum Transport Company (AMPTC), according to a statement.

“We are very pleased to be supporting Egypt’s petroleum industry through arranging of this Murabaha facility. It contributes to the stability and security of supply of energy to the Egyptian people, Deputy CEO and General Manager of APICORP, Raed Al Rayes, said.

“APICORP has had a history of successful presence in Egypt, as well as, a lengthy and profitable association with EGPC. Supporting all areas of the regional energy industry goes to the very heart of APICORP’s approach, so today’s announcement is the latest evidence of our continued and successful efforts,” he added.