December 23, 2019 / 6:08 AM / a month ago

APICORP agrees $250 mln in loans with Sonatrach subsidiary

DUBAI, Dec 23 (Reuters) - The Arab Petroleum Investments Corporation (APICORP) said it has agreed to two loans worth a combined $250 million with Sonatrach Petroleum Investment Corporation, a subsidiary of Algerian state-owned oil company Sonatrach.

The first loan, worth $100 million, will be used to back the maintenance of the Sonatrach Raffineria Italiana complex in Sicily, Italy, which Sonatrach bought from ExxonMobil in 2018.

The second loan is a $150 million letter of credit for the purchase of Saudi Aramco crude by Sonatrach Raffineria Italiana, APICORP said in a statement. (Reporting by Davide Barbuscia; Editing by Muralikumar Anantharaman)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below