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. ..............................................Full Article: Source
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