Saudi-based Apicorp arranges $100 mln Islamic financing for Egypt’s EGPC
The funds will be utilised to purchase liquid petroleum gas from the Arab Maritime Petroleum Transport Company
Saudi Arabia-based Arab Petroleum Investments Corp (APICORP) has arranged a three-year $100 million murabaha financing facility for Egyptian General Petroleum Corporation (EGPC), the development bank said on Wednesday.
EGPC will use the funds to purchase liquid petroleum gas from the Arab Maritime Petroleum Transport Company, the statement said.
A murabaha is a cost-plus-profit arrangement which complies with Islamic finance standards.
Jordan defends gas deal with IsraelThe agreement will cut $600 mln a year from the state’s energy bill, says minister Energy
UAE’s ADNOC to consolidate two key offshore oil firmsPlan is to boost output potential of the entity to around 1.6 mln bpd in 2017-18 Energy
First oil leaves Libya’s Ras Lanouf since 2014Shipment was a positive development for Libya’s fragile central government, which struggles to contain rival factions fighting Energy