The net profits of the Arab Petroleum Investments Corporation (APICORP) rose to $33.5 million in 2003 from $28.5 million in 2002, while the value of the Corporation’s assets increased to $2.088 million from $1.864 in the same period.
The APICORP annual report said that, despite difficult economic and political circumstances facing the Arab region, the Corporation was able to enhance its activities during the past year.
The report noted that the Corporation signed an agreement last September to participate in the establishment of an acrylic fibres company in Alexandria, Egypt. APICORP has a ten per cent share in the company’s capital of $25 million.
The Dammam-based APICORP, an Arab stock company, was established in 1975 in accordance with an international agreement signed by the member states of OAPEC (the Organization of Arab Petroleum Exporting Countries).
Source: SPA
