Apicorp 2012 profit hits USD109m

(MENAFN) Arab Petroleum Investments Corporation (Apicorp) CEO and general manager, Ahmad Al Nuaimi, stated that 2012's net profit rose by 3 percent from a year earlier to USD109 million, reported Gulf Daily News. Apicorp, which is owned by the 10 members of the Organization of Arab Petroleum Exporting Countries (OAPEC), also posted a gain of 9.6 percent in its total assets, to more than USD5 billion. Al Nuaimi said that the multilateral development bank has boosted its investment in supporting the energy industry's development in the year through facilitating the needed capital. It is worth noting that in 2012, Apicorp set up the USD150 million Apicorp Petroleum Shipping Fund to seize growth opportunities in the petroleum product tanker charter market.