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24 ApicoRp Annual Report 2010
PROJECT AND TRADE FINANCE
Projectfinanceactivityhasstayedathistoricallowsin2010asbanks’appetiteforlendinghasnotreboundedand
as sponsors/developers have remained cautious since the economic
recovery has remained weak and its sustainability uncertain. Trade
Finance has been by comparison far more dynamic.
Themainprojectandtradefinancetransactionsprogressedin2010aredetailedinthebelowtable.
cLiENTMAiN
SpoNSoRS
AMoUNT AND
TYpE oF FAciLiTY
DATE oF
SiGNiNGpURpoSE ApicoRp RoLE
AMPTC OAPECUS$ 93 million
ConventionalNovember 2010 vessel acquisition
Mandated lead
Arranger
Aqua Consortium ltd
(GMMOS Group)
Abraaj Capital
Waha Capital
US$ 185 million
ConventionalDecember 2010
Offshore oil
servicesParticipant
Abraaj Aqua SPv
(GMMOS Group)
Abraaj Capital
Waha Capital
US$ 80 million
MezzanineDecember 2010
Offshore oil
servicesParticipant
Egyptian General
Petroleum
Corporation (EGPC)
Arab Republic of
Egypt
US$ 208 million
IslamicApril 2010
Import of
petroleum
products
Participant
Egyptian General
Petroleum
Corporation (EGPC)
Arab Republic of
Egypt
US$ 400 million
ConventionalJuly 2010
Import of
petroleum
products
Participant
Ma’aden Aluminum
Company
Ma’aden
Alcoa
US$ 1,186 million
IslamicNovember 2010 Aluminum smelter
Mandated lead
Arranger
Mercuria Energy
Trading Pte ltd.
Mercuria Energy
Group
US$ 500 million
ConventionalDecember 2010
Corporate
purposesParticipant
Ministry of Power,
Energy & Mineral
Resources –
Bangladesh
Government of
Bangladesh
US$ 110 million
ConventionalAugust 2010
Import of
petroleum
products
Participant
Saudi Aramco
TotalRefiningand
Petrochemical
Company
Saudi Aramco
Total, S.A.
US$ 3.4 billion
Conventional and
Islamic. Secondary
market purchase.
June 2010Refiningand
petrochemicals
Mandated lead
Arranger
APICORP Activities in 2010
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ApicoRp Annual Report 2010 25
ADvISORy
TheCorporationhascontinuedtodevelopitsspecializedadvisoryserviceswhichcatertothehydrocarbonandrelated
industries in the region. In 2010, two new mandates were awarded to
APICORP, for both of which work has carried over into 2011.
cLiENT MAiN SpoNSoRS MANDATE
Government of Syria Government of SyriaAssessment of various
refiningprojects
JANA Chemicals NAMA Chemicals Modeling Bank
The Corporation has continued to extend its full efforts
throughout the global economic downturn, which began
in2008,toensurethecontinuityofbusinessandfulfillmentof
itsMandate.Despitethesignificantreductionin transactionssince2008,
theeffortsof theCorporationhaveensurednosignificant contractionof
assetsor revenue stream.Despite a significant amount of loan
repayments in 2010of aroundUS$550million ingross terms, and a
sluggish business environment, the Corporation has demonstrated its
capability to originate attractive transactions and contain the
decrease of the loan portfolio from an historical peak of US$ 2.62
billion in 2009 to US$ 2.542 billion in 2010.
For2010,thenetincomegeneratedbytheprojectandtradefinanceactivitiesatAPICORPhasamountedtoUS$
26.5 million compared with a budget of US$ 28.3 million, while in
2009 and 2008, net income amounted respectively to US$ 30.1 million
and US$ 29.7 million. 2010 net income for P&TF remains
nevertheless above the US$ 23.9 million net income generated in
2007.
As a positive side of APICORP’s new environment, pricing on
deals which have been entered in 2010 have
beensignificantlyhigherthanthelowlevelsseenin2006-2008.Thecommitmentsbeingmadein2010haveconsequently
increased the overall yield of the loan portfolio.
Furthermore, despite the deterioration of the global business
environment, APICORP has maintained a clean portfolio with no
payment default.
To conclude, in a depressed environment, the Corporation has
been in a position to enhance the quality and yield of its
portfolio of loans as well as to continue to be active and to play
an instrumental role in the energy industry in the Arab world.
Considering its exceptional track record combined with the solid
rating obtained from Moody’s in June 2010, the Corporation is in a
strong position to play a pivotal role in the region for the debt
funding of the Arab energy
industryasmanyfinancialinstitutions,bothinternationalandregional,havewithdrawnfromtheprojectandtradefinancemarket.
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26 ApicoRp Annual Report 2010
1) Bahrain National Gas company (BANAGAS)ApicoRp share:
12.5%BANAGAS was established in 1978 to extract and market lPG and
light naphtha from associated gas. BANAGAS produced around 80.6
thousand MT of propane, 86.4 thousand MT of butane and 195.6
thousand MT of light naphtha during 2010. Due to the increase in
the lPG prices, BANAGAS has achieved a net income of around BD 13.3
million, compared to BD 8.3 million ofnetprofitin2009.
2) Arab Drilling & Workover company (ADWoc)ApicoRp share:
20%ADWOC was established in 1978 to provide drilling and related
operation services in libya and nearby Arab markets. ADWOC total
revenues for the
firstninemonthsof2010reachedLD130.7million(US$106.3million).Netprofit
for thesameperiodamountedtoLD21.8million (US$17.7million)which is
14.7% higher than the same period of 2009.
3) Arab company For Detergent chemicals (ARADET)ApicoRp share:
32%ARADET was established in 1981 to produce 50,000 tons/yr of
linear alkyl
benzene(LAB).TheLABcomplexatBaiji,inoperationsince1987,alsoincludesanaromatics
linewithacapacityof30,000 tons/yrofbenzeneandtoluene.By the end of
2010, ARADET produced and sold over 36.7 thousand tons of lAB. With
the improvement of production cost and market prices, ARADET sales
value from lAB and other secondary products reached around US$ 66.7
million, and the Company managed to achieve a net income of US$
12.0 million compared to US$ 11.6 million in 2009.
DIRECT EQUITy INvESTMENTS
APICORP Activities in 2010
The total investments of APICORP encompasses eight
petrochemical, three Oil & Gas services and two gas prod-ucts
companies in six Arab countries with a total value of US$ 366
million at the end of 2010, compared to US$ 339 million at the end
of 2009. Four petrochemical companies and one gas product are
located in Egypt. Saudi Arabia hosts IBN ZAhR, IBN RUShD, and
yANSAB petrochemical companies. The seismic and drilling companies
are situated in libya. The remaining three companies are located in
Bahrain, Iraq, and Tunisia.
The range of the products from the projects in Saudi Arabia,
Iraq, and Egypt consists of: Methanol, Ethylene
Gly-col,Polyethylene,Polypropylene,MethylTertiaryButylEther(MTBE),Aromatics(BTX),LinearAlkylBenzene(LAB),NitrogenFertilizers(AmmoniaandUrea)andsyntheticfibers(Polyester,PolyAcrylic).
Abriefsummaryoneachofdirectequityinvestmentperformanceandtheirprofitabilityin2010isprovidedbelow:
-
ApicoRp Annual Report 2010 27
4) Tankage Méditerranée (TANKMED)ApicoRp share: 20%TANKMED was
established in 1984 to provide storage services for petroleum
products at la Skhira terminal in Tunisia. TANKMED’s total storage
capacity stands at
363,000cubicmeters.TANKMEDmaintainedacapacityutilizationrateof94.3%.Bytheendof2010,TANKMEDhasachievedanetprofitofTD8.3million,whichis40%higherthanthe2009profits.
5) Arab Geophysical Exploration Services company (AGESco)ApicoRp
share: 16.67%AGESCO was established in 1985 to provide advanced
seismic services in libya and the Arab world. The Company maintains
two & three seismic crews
andwasabletoachieveanetprofitasattheendofSeptember2010ofaroundLD10.8millioncomparedtothebudgetedfigureofLD5.8million.
6) The Saudi European petrochemical company (iBN ZAHR)ApicoRp
share: 10%IBN ZAhR, established in 1985 in Jubail, can produce 1.5
million tons/yr of methyl tertiary butyl ether (MTBE), a gasoline
octane booster and 1.1 million tons/yr of polypropylene. During
2010, IBN ZAhR produced 1,375 KMT of
MTBEand965KMTofPP,whilesalesfigureshavereached1,368KMTand956 KMT of
MTBE and PP respectively. IBN ZAhR achieved a net income of
US$555millioncomparedtoUS$376millionbudgetandanetprofitofUS$421millionin2009.Theincreasein2010profitabilityhasbeenmainlyduetothe
improvements in the MTBE and PP price margins in the world
markets.
7) The Arabian industrial Fibers company (iBN RUSHD)ApicoRp
share: 3.45%IBN RUShD was established in 1993 in yanbu on the west
of Saudi Arabia. IBN RUShD is an integrated petrochemical complex
composed of three
plantsfortheproductionofaromatics(730,000tons/yr),purifiedterephthalicacid
(PTA 350,000 tons/yr) and polyester (146,000 tons/yr). By the end
of 2010, the net loss incurred by IBN RUShD was SR 684 million,
compared to SR 390 million losses for 2009.
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28 ApicoRp Annual Report 2010
8) oriental petrochemicals company (opc) ApicoRp share: 14% OPC
was established in 1996 with an initial capacity of 120,000 tons/yr
polypropylene that can be expanded to 162,000 tons/yr. The Company
announced the successful commissioning of its plant at the
beginning of 2002, and since then it has become the main producer
and supplier of polypropylene in the local market. By the end of
2010, OPC produced around 143.4 KMT and sold around 150 KMT of PP.
Due to the increase in the prices of the imported feedstock
(Propylene) which was not matched by a similar increase in the PP
margins, the Company incurred a net loss of lE 45.6 million
comparedtoanetprofitofLE78.6millionin2009.
9) Alexandria Acrylic Fibers company (AFco)ApicoRp share:
10%AFCOwasestablished in late2003 inEgypt,and
ithasapolyacrylicfiberplant with a nameplate capacity of 18,000
tons/yr completed in 2006. Currently AFCO is in the process of
expanding it to 54,000 tons/yr. The
plantwascommissiontoproducepolyacrylicfibers,whichisusedmainlyinmanufacturing
carpets and blankets. By the end of 2010, AFCO was able to
produceapproximately24.1 thousandtonsofacrylicfibers.With regard
tothefinancial results, theCompany incurreda lossofLE33million
in2010,comparedtoanetprofitofLE14.3millionin2009.
10) Yanbu National petrochemical company (YANSAB)ApicoRp share:
1.57%yANSAB was established in early 2005 by SABIC with a paid up
capital of SR 5,625 million, of which SABIC owns 55%, SABIC
partners in IBN RUShD and TAIF own 10%, and the remainder
percentage was offered to the Saudi public. The complex is designed
to produce 900,000 tons per year of low and high polyethylenes,
700,000 tons per year of ethylene glycols, 400,000 tons per year of
poly propylene, in addition to some other by products. yANSAB
petrochemical complex started commercial operation on March 1st,
2010,
withsuccessfuloperationrecord.YANSABachievedanetprofitbytheendof2010ofaboutSR1.67billion
(US$446million).Thepershareprofit forthe 2010 was about SR 3.0
compared to pre operation per share loss of (SR 0.052) during 2009.
yANSAB share price on the Saudi Stock Market (TADAWUl) traded at
around SR 47 by the end 2010.
APICORP Activities in 2010
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ApicoRp Annual Report 2010 29
11) Egyptian Methanol company (E-Methanex)ApicoRp share:
7%Metanex Corporation, Egyptian Petrochemicals holding Company
(EChEM), Egyptian Natural Gas holding Company (EGAS), Egyptian
Natural Gas Company (GASCO) and APICORP established E-Methanex in
2005 with an equity commitment of US$ 420 million to build a US$
950 million cost methanol production facility in Damietta, Egypt
with a nameplate capacity of 1.28 million tons per year. By the end
of February 2011, construction work was nearly complete (99.4%).
The Company achieved commissioning (89.4% progress) and expects to
begin commercial production during the 2nd quarter of 2011.
12) Misr oil processing company (Mopco)ApicoRp share:
3.03%MOPCO, starting January 2009, has officially become the full
owner ofEAgrium, and its issued capital was doubled from lE 996
million to lE 1,992 million, of which lE 1,985 million is paid up.
As a result of this acquisition, APICORP’s share which was
previously 7% in EAgrium has been diluted to 3.03%. MOPCO expansion
project (ex. EAgrium) consists of two identical and integrated
units, each with a capacity of 400,000 tons/y of Ammonia and
635,000 tons/y of Urea. Upon completion, MOPCO’s total capacity
will increase to 1.2 million tons/y and 1.9 million tons/y of
Ammonia and Urea, respectively. The construction of the expansion
project at (MOPCO 2 & 3) site in Damietta has restarted in
October 2009 and is expected to be completed andbecomeready
forcommercialstart-upduringthefirstandthesecondquarter of 2012. In
2010, the Company operated its existing Ammonia/Urea
complexverysuccessfully;674thousandtonsofUreawasproducedofwhich654thousandtonswassold,generatinganetprofitofaboutEP451millioncompared
to EP 526 million in 2009.
13) The Egyptian Bahraini Gas Derivatives company
(EBGDco)ApicoRp share: 20%The Egyptian Natural Gas Company, DANAGAZ
of Bahrain and APICORP established EBGDCO in early 2007 in Egypt
with a share capital of US$ 25 million, to construct a US$ 96
million facility located at Ras Shakair for propane and butane
recovery from 150 million cfd of associated natural gas feed. The
plant is currently under construction with over 71% progress
achieved and planned to be completed during the last quarter of
2011.
NB: As part of its new strategy which envisages exit from some
of its investment portfolio companies and the
recy-clingoftheresultingprofitsinnewinvestmentopportunities,APICORPhassoldits17yearslonginvestment(12%share)
in Alexandria Carbon Black Company (ACBC) to Birla Group in
December 2010.
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30 ApicoRp Annual Report 2010
APICORP Activities in 2010
APICORP EQUITy PARTICIPATIONS AS AT 31 DECEMBER 2010
COMPANy NAME PAID-UP CAPITAl PARTICIPATION OThER MAJOR
ShAREhOlDERS ACTIvITIES
Bahrain National Gas Company (BANAGAS)Bahrain
BD 8million
12.5% National Oil and Gas Authority (NOGA),
BahrainChevronAsiaPacificCompany
Extraction and marketing of lPG and condensates from associated
gas.
Arab Drilling and Workover Company(ADWOC)libyan Arab
Jamahiriya
lD 60million
20% Arab Petroleum Services Co. (APSC), libya Santa Fe, USAFirst
Energy Bank
Drilling and related opera-tions in the Arab world.
Arab Company for Detergent Chemicals (ARADET)Iraqzv
ID 36million
32% Government of the Republic of IraqGovernment of the Kingdom
of Saudi ArabiaGovernment of the State of KuwaitArab Mining
Company, AmmanThe Arab Investment Co., Saudi Arabia
Production and marketing oflinearalkylbenzeneandthe excess of
intermediary products.
Tankage Mediterranee(TANKMED)Tunisia
TD 16.2million
20% I’Entreprise Tunisienne d’Activités Petro-lieres (ETAP),
TunisiaNational Oil Distribution Company (SNDP)Societe Tuniso
Seoudienne d’Investissement et de Développement (STUSID)Banque
Tunisio-Koweitienne de Développement (BTKD)
Storing, trans-shippingand handling petroleum and petrochemical
prod-ucts at la Skhirra terminal.
Arab Geophysical Exploration Services Company (AGESCO)libyan
Arab Jamahiriya
lD 19 million
16.67% Arab Petroleum Services Co. (APSC), libya National Oil
Co., libya
Providing advanced seismic services in the Arab world.
Saudi European Petrochemical Company(IBN ZAhR)Saudi Arabia
SR 1,025million
10% Saudi Basic Industries Corp. (SABIC) Saudi ArabiaEcofuel,
Italy
Production of gasolineoctane booster MTBE,and Polypropylene
(PP).
The Arabian Industrial Fibers Company (IBN RUShD), Saudi
Arabia
SR 8,510million
3.45% Saudi Basic Industries Corp. (SABIC), Saudi ArabiaPublic
Investments Fund, Saudi ArabiaGIC, KuwaitSaudi Pharmaceuticals Co.,
Saudi ArabiaSAFCO, Saudi ArabiaOthers
Production ofAromatics, PTA andPolyester Fibers.
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ApicoRp Annual Report 2010 31
COMPANy NAME PAID-UP CAPITAl PARTICIPATION OThER MAJOR
ShAREhOlDERS ACTIvITIES
Oriental Petrochemical Company (OPC) Egypt
lE 120million
14% Oriental Weavers Group, EgyptArab International Investments
Co., libyaAl-Ahli Bank, EgyptEgyptian Petrochemicals Co., EgyptMisr
Insurance Co., Egypt
Production and marketing ofPolypropylene.
Alexandria Acrylic Fibers Company (AFCO)Egypt
lE 286.55million
10% Alexandria Carbon Black Co., EgyptThai Carbon Black Public
Co., ltd. ThailandThai Rayon Public Co., ltd. ThailandThai Acrylic
Fiber Public Co., ltd. ThailandSidikerir Petrochemicals Co.,
EgyptSaudi Egyptian Industrial Investment Co., Egypt
Production andmarketing of AcrylicFibers
yanbu National Petrochemical Company (yansab)Saudi Arabia)
SR 5,625million
1.57% SABICSABIC Partners in Ibn Rushd and TaifSaudi
PublicOthers
Production andmarketing of PE, EG, PPand other by products
Egyptian Methanex Methanol Company (EMethanex)*Egypt
US$ 420million
7% Methanex Corporation, CanadaEgyptian Petrochemicals holding
ztCompany(Echem),EgyptEgyptian Natural Gas holding Company (Egas),
EgyptEgyptian Natural Gas Company (GASCO), Egypt
Production andmarketing of Methanol
Misr Oil Processing Company (MOPCO)*Egypt
lE 1,992million
3.03% Egyptian General Petroleum Corporation, EgyptAgrium,
CanadaNational Investments Bank, EgyptEgyptian Petrochemicals
holding Company (Echem), EgyptEgyptian Natural Gas holding Company
(Egas), EgyptEgyptian Natural Gas Company (GASCO), EgyptAl Nasr
Petroleum Company, EgyptOthers
Production andmarketing of Ammoniaand Urea
The Egyptian Bahraini Gas Derivative Company (EBGDCO)*Egypt
US$ 25million
20% The Egyptian Natural Gas holding Company (Egas)Danagas of
Bahrain
Fractionation of naturalgas liquids (NGl) torecover Propane
andButane.
* The projects of EMethanex, MOPCO and the Egyptian Bahraini Gas
Derivative are still under construction.
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32 ApicoRp Annual Report 2010
APICORP Activities in 2010
TREASURy AND CAPITAl MARKETS ACTIvITIES IN 2010
2010continued tobeaverychallengingyear for
theglobalfinancialsectordue to the long
lastingadverseimpactsoftherecentglobalfinancialcrisisandtheongoingproblemsintheSovereignDebtspace,especiallyintheEuroZone;inGreece,inIrelandandotherperipheralnations.Evenastheconcernsregardingthedoubledip
recession receded, the banking system around the world remains
fragile.
APICORP’s strategy during 2010 was on prioritizing liquidity
management and minimizing risks, given thechallenging market and
economic environment that has existed since the credit crisis. In
this regard, on 25th April
2010,APICORPrepaiditsUS$250millionfive-yeartermloan.InitsfirsteverfundraisingfromtheCapitalMarkets,inOctober2010,APICORPsuccessfullyraisedSAR2billion(US$533million),byissuingafiveyearA1ratedBond.
Treasury and Capital Markets, assets continued to grow, during 2010
which stood at US$ 1,358 million as at 31 December 2010, compared
to US$ 1,117 million as at 31st December 2009. During 2010,
Treasury and Capital Markets achieved a higher gross income than
the previous year, with Total Income of US$ 16 million for the year
2010, compared to US$ 13 million for the year 2009, in spite of the
historic low libor rates that existed during the year.
APICORP’s liquidity measured by cash, placements and investment
in Treasury Securities amounted to a comfortable US$ 598 million as
at 31st December 2010.
The Fixed Income securities portfolio excluding investments in
treasuries amounted to US$ 747 million, and continues to be focused
on strong credits, with an average portfolio rating of A+. The
foreign branch of APICORP which started its operations as an
Investment Bank in Bahrain during last quarter of 2006, continues
tocomplementsalltheTreasuryandCapitalMarketsactivitiesofAPICORP’sheadoffice.Wecontinuetoplaceemphasistofurtherexpandinganddiversifyingourfundingbase,whichisvitaltofinanceourcoreactivitiesandmaintainsufficientliquiditylevels.
-
ApicoRp Annual Report 2010 33
ThE DEPARTMENT OF ECONOMICS AND RESEARCh
The Economics and Research Department is dedicated to the study
of economic, energy and policy issues relevant to APICORP’s
business development and growth strategy.
To address these issues, we have continued to focus on three
separate but interdependent areas in 2010 :
(i) the scanning of the Corporation’s business environment and
trends, highlighting the impact of the global
financialcrisisanditslaggedeffects,ontheArab(MENA)economicandenergyinvestmentoutlooks;
(ii) the continual enhancement of our in-house country risk
methodology and the associated “perceptual
mapping”oftheenergyinvestmentclimateintheArab(MENA)world;
(iii) thedisseminationofour research findings throughourmonthly
Economic Commentary, as well as through numerous presentations and
talks in international conferences and symposia.
Furthermore, our annual Review of Energy Investments in the
Arab/MENA world has become a trusted source ofinsightfulanalysis
inthefield.Repetitionofthereviewyearafteryear,since2003,hasmadetrendstudiespossible,
thus offering analysts a useful tool for policy and planning.
Both the Economic Commentary and the Review of Energy
Investments have greatly contributed to elevating
APICORP’sexternalprofileandhelpedstrengthenourrelationshipwithpeerinstitutions,researchcentersandspecializedagencies.
In 2010, the department released a series of discussion papers
entitled Economist’s Opinion, which aims to provide a means for
discussing interesting global economic and business topics spanning
global macroeconomics, government policy, business strategy, and
market behavior. It has contributed to building research network
with economic professionals and business practitioners
globally.
-
34 ApicoRp Annual Report 2010
As shown below, the topics addressed in 2010 in the Economic
Commentaryhavesignificantlyexpanded,toadd value to the region’s
economic and energy policy debate.
• “APICORP’s Annual Review of the Arab Economic and Energy
Investment Outlook - A Dim light at the End of a long Tunnel”,
January-February 2010
• “To What Extent has the Global Financial Crisis Reshaped Our
Perception of the Energy Investment Climate in the Arab World? ”,
March 2010.
•“OnBeingFair,BeautifulandNearlyPerfect:AReflectionOnTheEthics,EconomicsAndPoliticsOfOilPrices”,
April 2010.
• “The Arab Energy Investment Outlook in a Changing landscape -
A Summary of APICORP Report to the 9th Arab Energy Conference”, May
2010.
• “Macondo and Global Oil Supplies and Prices”, June-July
2010.
• “Finding A Needle In the Dodd-Frank haystack And Wondering
What To Expect From It - Our Readers Warn Of The Unintended
Consequences Of The ‘Disclosure Of Payments By Resource Extraction
Issuers’”, August 2010.
• “Joint Report to the G20 on Energy Subsidies: A Critical
Review”, September 2010.
• “MENA Energy Investment Outlook: Recovery Despite
Uncertainty”, October-November 2010.
• “MENA Natural Gas: A Paradox of Scarcity Amidst Plenty”,
December 2009.
The Economist’s Opinion has been assembled into one single book
volume which aims to shed lights on today’s economic issues and
policy debate.
•”STANCE: One Economist’s Take On The Dynamic Global Economic
Issues Of Today, The Collective volume of Economist’s Opinion
released in 2010,” December 2010
All publications are accessible on APICORP website:
www.apicorp-arabia.com
APICORP Activities in 2010
-
ApicoRp Annual Report 2010 35
TITlE DATE vENUE
Qatar Conference for economic development, under the patronage
of the Qatari Crown Prince APICORP presented a paper entitled: “The
Challenges ofEconomicDiversificationintheGCCcountries”
10 February Qatar
A visit by the Bahrain Minister of Oil and Gas Affairs to
APICORP’s Banking Branch in Bahrain, where he discussed with
APICORP’s management a number of investment issues related to oil,
gas and petrochemicals.
21 February Bahrain
Meeting and brainstorming session organised by Saudi Aramco
focused on global and regional economic outlook and the threats and
opportunities for investments
24 February Saudi Arabia
APICORP delegation (led by Chief Executive) to the State of
Kuwait.
APICORPdelegationmetwiththeofficialsoftheKuwaitInvestmentAuthority
and the Kuwait Petroleum Corporation where matters related to
APICORP’s involvement in Kuwait oil-related projects were
discussed.
8 March Kuwait
APICORP chaired a workshop “Responsible Investment in Energy
Markets” within the works of Robeco Conference held in Bahrain.
24 March Bahrain
7th Syrian International Oil and Gas Exhibition and the
accompanying symposium, held under the patronage of the Syrian
Prime Minister.
5-8 April Syria
APICORP presented a work paper to the 9th Arab Energy Conference
entitled: “Energy and the Arab Cooperation” held under the
patronage of h.E. the Prince of Qatar.
9-12 May Qatar
Participation in Euromoney Saudi Arabia 2010 Conference under
the patronage of h.E. the Saudi Finance Minister.
18-19 May Saudi Arabia
APICORP participated in the semi-annual meeting of Arab Energy
Forum, to
discusstheMeansandMethodsofEnergyRationalizationinArabCountries,in
addition to other subjects.
21-20 May Qatar
In response to an invitation from h.E. the Syrian Deputy Prime
Minister , a delegation from APICORP, headed by the Chief Executive
and General Manager visited the Syrian Arab Republic, with the aim
of presenting APICORP’sratingexperiencetotheSyrianofficials.
19 July Syria
Robecco Summer Forum held in Amsterdam, holland, where
discussions
werefocussedonfinancialmarketsactivitiesduringtheperiodthatfollowedtheglobalfinancialcrisisandtheresultantfinancialandpoliticialchallenges.
2-3 July holland
Saudi Solar Energy Forum under the title: “The Sun: The Main
Source of Energy, which was held at Saudi Aramco hQ in Dhahran.
10 October Saudi Arabia
In response to an invitation by h.E. the Saudi Oil and Mineral
Resources Minister, APICORP participated OPEC 59th Anniversary as
one of the sponsors, and also as one of the main speakers in the
“International Energy Symposium” which were held in Riyadh on the
occasion of OPEC’s 50th Anniversary.
18-20 October Saudi Arabia
A delegation lead by APICORP’s Chief Executive and General
Manager, took part in the 5th Forum of the Gulf Union for
Petrochemicals and Chemicals that took place in Dubai.
7-9 December UAE
CONFERENCES AND SEMINARS 2010