The Arab Petroleum Investments Corporation (APICORP) has announced the establishment of APICORP Petroleum Shipping Fund, a $150 million fund aimed at leveraging growth opportunities in the petroleum product tanker charter market. The government of UAE owns a 17 per cent stake in APICORP.
The first investment fund to be established by APICORP, the initiative is also the first fund in the region aimed at a specific vessel category. The Fund has acquired five medium range (MR) petroleum product tankers. These will be employed in the regional and international tanker market for five years to help meet the projected upsurge in demand for petroleum product carriers. The Fund is co-managed by Tufton Oceanic, a leading global fund manager in the maritime and energy-related industries
Ahmad Bin Hamad Al Nuaimi, APICORP’s CEO and GM said, “APICORP Petroleum Shipping Fund is a $150 million Shariah-compliant Fund aimed at helping oil and gas companies grow their business while also generating regular yield and returns for the equity investors. In this case, the Fund helps companies meet their requirements for petroleum products transportation without burdening their balance sheets. At the same time, the Fund provides a mechanism for regional investors to participate in a highly specialised investment class in international marine assets that is not normally open to them.”
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