APICORP 2013 H1 net profit jumps 31% to US$ 66 million

Abu Dhabi: Arab Petroleum Investments Corporation (APICORP), the Multilateral Development Bank owned by the ten member nations of the Organisation of Arab Petroleum Exporting Countries (OAPEC), yesterday announced that its net profit for the first half of the year grew 31% to US$ 66 million from US$ 51 million for H1 2012. APICORP's assets reached US$ 5.12 billion at the end of H1 2013. The government of the UAE owns a 17% stake in APICORP. The Multilateral Development Bank also announced that leading global ratings agency, Moody's, has affirmed its issuer rating and senior unsecured rating at Aa3 with a stable outlook. The rating affirmation reflects APICORP's strong capital adequacy position, high-quality asset portfolio and strong shareholder support. Moody's also retained its Prime-1 rating for APICORP's short-term debt. Since its founding in 1975, APICORP has played a vital role in fostering the development of the Arab energy industry. Over the last 37 years, APICORP has invested, as an equity owner, in a total of 22 oil and gas joint venture projects worth in excess of US$ 16 billion. At the same time, APICORP has participated in direct and syndicated energy finance transactions worth in excess of US$ 130 billion. APICORP’s aggregate commitments in these transactions, both in equity and debt, are valued in excess of US$ 12 billion. – Emirates News Agency, WAM