Riyadh – Mubasher: The Arab Petroleum Investments Corporation (APICORP) has agreed two loan facilities worth a combined $250 million with Sonatrach Petroleum Investment Corporation (SPIC)
A loan of $100 million will be used to fund the maintenance of the Sonatrach Raffineria Italiana complex in Sicily, Italy, which Sonatrach acquired from ExxonMobil in December 2018.
The second loan of $150 million will finance the purchase of crude oil from Saudi Aramco by Sonatrach Raffineria Italiana.
It is worth noting that SPIC is a subsidiary of Algeria’s Sonatrach International Holding Corporation.
“As a trusted financial partner to the region’s energy sector, we remain steadfast in our mission to continue exploring opportunities in Algeria and other member states and provide solutions that drive innovation and bolster the sustainability of this vital industry,” said Ahmed Ali Attiga, CEO of APICORP.
“This is of key importance to our efforts to diversify our energy assets and secure reliable supplies of crude oil, as part of our drive to meet local energy demand and address imbalances in petroleum supplies to the domestic market,” Nordine Bouteldja, Managing Director of SPIC, commented.
