The Arab Petroleum Investments Corporation (APICORP), the multilateral development bank owned by the Organization of Arab Petroleum Exporting Countries (OAPEC), announced Monday the establishment of APICORP Petroleum Shipping Fund, a landmark $150 million Fund aimed at leveraging growth opportunities in the petroleum product tanker charter market. The government of Saudi Arabia owns a 17 percent 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.
Read more: http://www.saudigazette.com.sa/index.cfm?method=home.regcon&contentid=20130227154694
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