apicorp activities in 2010 · banagas was established in 1978 to extract and market lpg and light...

24 ApicoRp Annual Report 2010

PROJECT AND TRADE FINANCE

Projectfinanceactivityhasstayedathistoricallowsin2010asbanks’appetiteforlendinghasnotreboundedand as sponsors/developers have remained cautious since the economic recovery has remained weak and its sustainability uncertain. Trade Finance has been by comparison far more dynamic.

Themainprojectandtradefinancetransactionsprogressedin2010aredetailedinthebelowtable.

cLiENTMAiN

SpoNSoRS

AMoUNT AND

TYpE oF FAciLiTY

DATE oF

SiGNiNGpURpoSE ApicoRp RoLE

AMPTC OAPECUS$ 93 million

ConventionalNovember 2010 vessel acquisition

Mandated lead

Arranger

Aqua Consortium ltd

(GMMOS Group)

Abraaj Capital

Waha Capital

US$ 185 million

ConventionalDecember 2010

Offshore oil

servicesParticipant

Abraaj Aqua SPv

(GMMOS Group)

Abraaj Capital

Waha Capital

US$ 80 million

MezzanineDecember 2010

Offshore oil

servicesParticipant

Egyptian General

Petroleum

Corporation (EGPC)

Arab Republic of

Egypt

US$ 208 million

IslamicApril 2010

Import of

petroleum

products

Participant

Egyptian General

Petroleum

Corporation (EGPC)

Arab Republic of

Egypt

US$ 400 million

ConventionalJuly 2010

Import of

petroleum

products

Participant

Ma’aden Aluminum

Company

Ma’aden

Alcoa

US$ 1,186 million

IslamicNovember 2010 Aluminum smelter

Mandated lead

Arranger

Mercuria Energy

Trading Pte ltd.

Mercuria Energy

Group

US$ 500 million

ConventionalDecember 2010

Corporate

purposesParticipant

Ministry of Power,

Energy & Mineral

Resources –

Bangladesh

Government of

Bangladesh

US$ 110 million

ConventionalAugust 2010

Import of

petroleum

products

Participant

Saudi Aramco

TotalRefiningand

Petrochemical

Company

Saudi Aramco

Total, S.A.

US$ 3.4 billion

Conventional and

Islamic. Secondary

market purchase.

June 2010Refiningand

petrochemicals

Mandated lead

Arranger

APICORP Activities in 2010

ApicoRp Annual Report 2010 25

ADvISORy

TheCorporationhascontinuedtodevelopitsspecializedadvisoryserviceswhichcatertothehydrocarbonandrelated industries in the region. In 2010, two new mandates were awarded to APICORP, for both of which work has carried over into 2011.

cLiENT MAiN SpoNSoRS MANDATE

Government of Syria Government of SyriaAssessment of various refiningprojects

JANA Chemicals NAMA Chemicals Modeling Bank

The Corporation has continued to extend its full efforts throughout the global economic downturn, which began in2008,toensurethecontinuityofbusinessandfulfillmentof itsMandate.Despitethesignificantreductionin transactionssince2008, theeffortsof theCorporationhaveensurednosignificant contractionof assetsor revenue stream.Despite a significant amount of loan repayments in 2010of aroundUS$550million ingross terms, and a sluggish business environment, the Corporation has demonstrated its capability to originate attractive transactions and contain the decrease of the loan portfolio from an historical peak of US$ 2.62 billion in 2009 to US$ 2.542 billion in 2010.

For2010,thenetincomegeneratedbytheprojectandtradefinanceactivitiesatAPICORPhasamountedtoUS$ 26.5 million compared with a budget of US$ 28.3 million, while in 2009 and 2008, net income amounted respectively to US$ 30.1 million and US$ 29.7 million. 2010 net income for P&TF remains nevertheless above the US$ 23.9 million net income generated in 2007.

As a positive side of APICORP’s new environment, pricing on deals which have been entered in 2010 have beensignificantlyhigherthanthelowlevelsseenin2006-2008.Thecommitmentsbeingmadein2010haveconsequently increased the overall yield of the loan portfolio.

Furthermore, despite the deterioration of the global business environment, APICORP has maintained a clean portfolio with no payment default.

To conclude, in a depressed environment, the Corporation has been in a position to enhance the quality and yield of its portfolio of loans as well as to continue to be active and to play an instrumental role in the energy industry in the Arab world.

Considering its exceptional track record combined with the solid rating obtained from Moody’s in June 2010, the Corporation is in a strong position to play a pivotal role in the region for the debt funding of the Arab energy industryasmanyfinancialinstitutions,bothinternationalandregional,havewithdrawnfromtheprojectandtradefinancemarket.


1) Bahrain National Gas company (BANAGAS)ApicoRp share: 12.5%BANAGAS was established in 1978 to extract and market lPG and light naphtha from associated gas. BANAGAS produced around 80.6 thousand MT of propane, 86.4 thousand MT of butane and 195.6 thousand MT of light naphtha during 2010. Due to the increase in the lPG prices, BANAGAS has achieved a net income of around BD 13.3 million, compared to BD 8.3 million ofnetprofitin2009.

2) Arab Drilling & Workover company (ADWoc)ApicoRp share: 20%ADWOC was established in 1978 to provide drilling and related operation services in libya and nearby Arab markets. ADWOC total revenues for the firstninemonthsof2010reachedLD130.7million(US$106.3million).Netprofit for thesameperiodamountedtoLD21.8million (US$17.7million)which is 14.7% higher than the same period of 2009.

3) Arab company For Detergent chemicals (ARADET)ApicoRp share: 32%ARADET was established in 1981 to produce 50,000 tons/yr of linear alkyl benzene(LAB).TheLABcomplexatBaiji,inoperationsince1987,alsoincludesanaromatics linewithacapacityof30,000 tons/yrofbenzeneandtoluene.By the end of 2010, ARADET produced and sold over 36.7 thousand tons of lAB. With the improvement of production cost and market prices, ARADET sales value from lAB and other secondary products reached around US$ 66.7 million, and the Company managed to achieve a net income of US$ 12.0 million compared to US$ 11.6 million in 2009.

DIRECT EQUITy INvESTMENTS


The total investments of APICORP encompasses eight petrochemical, three Oil & Gas services and two gas prod-ucts companies in six Arab countries with a total value of US$ 366 million at the end of 2010, compared to US$ 339 million at the end of 2009. Four petrochemical companies and one gas product are located in Egypt. Saudi Arabia hosts IBN ZAhR, IBN RUShD, and yANSAB petrochemical companies. The seismic and drilling companies are situated in libya. The remaining three companies are located in Bahrain, Iraq, and Tunisia.

The range of the products from the projects in Saudi Arabia, Iraq, and Egypt consists of: Methanol, Ethylene Gly-col,Polyethylene,Polypropylene,MethylTertiaryButylEther(MTBE),Aromatics(BTX),LinearAlkylBenzene(LAB),NitrogenFertilizers(AmmoniaandUrea)andsyntheticfibers(Polyester,PolyAcrylic).

Abriefsummaryoneachofdirectequityinvestmentperformanceandtheirprofitabilityin2010isprovidedbelow:


4) Tankage Méditerranée (TANKMED)ApicoRp share: 20%TANKMED was established in 1984 to provide storage services for petroleum products at la Skhira terminal in Tunisia. TANKMED’s total storage capacity stands at 363,000cubicmeters.TANKMEDmaintainedacapacityutilizationrateof94.3%.Bytheendof2010,TANKMEDhasachievedanetprofitofTD8.3million,whichis40%higherthanthe2009profits.

5) Arab Geophysical Exploration Services company (AGESco)ApicoRp share: 16.67%AGESCO was established in 1985 to provide advanced seismic services in libya and the Arab world. The Company maintains two & three seismic crews andwasabletoachieveanetprofitasattheendofSeptember2010ofaroundLD10.8millioncomparedtothebudgetedfigureofLD5.8million.

6) The Saudi European petrochemical company (iBN ZAHR)ApicoRp share: 10%IBN ZAhR, established in 1985 in Jubail, can produce 1.5 million tons/yr of methyl tertiary butyl ether (MTBE), a gasoline octane booster and 1.1 million tons/yr of polypropylene. During 2010, IBN ZAhR produced 1,375 KMT of MTBEand965KMTofPP,whilesalesfigureshavereached1,368KMTand956 KMT of MTBE and PP respectively. IBN ZAhR achieved a net income of US$555millioncomparedtoUS$376millionbudgetandanetprofitofUS$421millionin2009.Theincreasein2010profitabilityhasbeenmainlyduetothe improvements in the MTBE and PP price margins in the world markets.

7) The Arabian industrial Fibers company (iBN RUSHD)ApicoRp share: 3.45%IBN RUShD was established in 1993 in yanbu on the west of Saudi Arabia. IBN RUShD is an integrated petrochemical complex composed of three plantsfortheproductionofaromatics(730,000tons/yr),purifiedterephthalicacid (PTA 350,000 tons/yr) and polyester (146,000 tons/yr). By the end of 2010, the net loss incurred by IBN RUShD was SR 684 million, compared to SR 390 million losses for 2009.


8) oriental petrochemicals company (opc) ApicoRp share: 14% OPC was established in 1996 with an initial capacity of 120,000 tons/yr polypropylene that can be expanded to 162,000 tons/yr. The Company announced the successful commissioning of its plant at the beginning of 2002, and since then it has become the main producer and supplier of polypropylene in the local market. By the end of 2010, OPC produced around 143.4 KMT and sold around 150 KMT of PP. Due to the increase in the prices of the imported feedstock (Propylene) which was not matched by a similar increase in the PP margins, the Company incurred a net loss of lE 45.6 million comparedtoanetprofitofLE78.6millionin2009.

9) Alexandria Acrylic Fibers company (AFco)ApicoRp share: 10%AFCOwasestablished in late2003 inEgypt,and ithasapolyacrylicfiberplant with a nameplate capacity of 18,000 tons/yr completed in 2006. Currently AFCO is in the process of expanding it to 54,000 tons/yr. The plantwascommissiontoproducepolyacrylicfibers,whichisusedmainlyinmanufacturing carpets and blankets. By the end of 2010, AFCO was able to produceapproximately24.1 thousandtonsofacrylicfibers.With regard tothefinancial results, theCompany incurreda lossofLE33million in2010,comparedtoanetprofitofLE14.3millionin2009.

10) Yanbu National petrochemical company (YANSAB)ApicoRp share: 1.57%yANSAB was established in early 2005 by SABIC with a paid up capital of SR 5,625 million, of which SABIC owns 55%, SABIC partners in IBN RUShD and TAIF own 10%, and the remainder percentage was offered to the Saudi public. The complex is designed to produce 900,000 tons per year of low and high polyethylenes, 700,000 tons per year of ethylene glycols, 400,000 tons per year of poly propylene, in addition to some other by products. yANSAB petrochemical complex started commercial operation on March 1st, 2010, withsuccessfuloperationrecord.YANSABachievedanetprofitbytheendof2010ofaboutSR1.67billion (US$446million).Thepershareprofit forthe 2010 was about SR 3.0 compared to pre operation per share loss of (SR 0.052) during 2009. yANSAB share price on the Saudi Stock Market (TADAWUl) traded at around SR 47 by the end 2010.



11) Egyptian Methanol company (E-Methanex)ApicoRp share: 7%Metanex Corporation, Egyptian Petrochemicals holding Company (EChEM), Egyptian Natural Gas holding Company (EGAS), Egyptian Natural Gas Company (GASCO) and APICORP established E-Methanex in 2005 with an equity commitment of US$ 420 million to build a US$ 950 million cost methanol production facility in Damietta, Egypt with a nameplate capacity of 1.28 million tons per year. By the end of February 2011, construction work was nearly complete (99.4%). The Company achieved commissioning (89.4% progress) and expects to begin commercial production during the 2nd quarter of 2011.

12) Misr oil processing company (Mopco)ApicoRp share: 3.03%MOPCO, starting January 2009, has officially become the full owner ofEAgrium, and its issued capital was doubled from lE 996 million to lE 1,992 million, of which lE 1,985 million is paid up. As a result of this acquisition, APICORP’s share which was previously 7% in EAgrium has been diluted to 3.03%. MOPCO expansion project (ex. EAgrium) consists of two identical and integrated units, each with a capacity of 400,000 tons/y of Ammonia and 635,000 tons/y of Urea. Upon completion, MOPCO’s total capacity will increase to 1.2 million tons/y and 1.9 million tons/y of Ammonia and Urea, respectively. The construction of the expansion project at (MOPCO 2 & 3) site in Damietta has restarted in October 2009 and is expected to be completed andbecomeready forcommercialstart-upduringthefirstandthesecondquarter of 2012. In 2010, the Company operated its existing Ammonia/Urea complexverysuccessfully;674thousandtonsofUreawasproducedofwhich654thousandtonswassold,generatinganetprofitofaboutEP451millioncompared to EP 526 million in 2009.

13) The Egyptian Bahraini Gas Derivatives company (EBGDco)ApicoRp share: 20%The Egyptian Natural Gas Company, DANAGAZ of Bahrain and APICORP established EBGDCO in early 2007 in Egypt with a share capital of US$ 25 million, to construct a US$ 96 million facility located at Ras Shakair for propane and butane recovery from 150 million cfd of associated natural gas feed. The plant is currently under construction with over 71% progress achieved and planned to be completed during the last quarter of 2011.

NB: As part of its new strategy which envisages exit from some of its investment portfolio companies and the recy-clingoftheresultingprofitsinnewinvestmentopportunities,APICORPhassoldits17yearslonginvestment(12%share) in Alexandria Carbon Black Company (ACBC) to Birla Group in December 2010.



APICORP EQUITy PARTICIPATIONS AS AT 31 DECEMBER 2010

COMPANy NAME PAID-UP CAPITAl PARTICIPATION OThER MAJOR ShAREhOlDERS ACTIvITIES

Bahrain National Gas Company (BANAGAS)Bahrain

BD 8million

12.5% National Oil and Gas Authority (NOGA), BahrainChevronAsiaPacificCompany

Extraction and marketing of lPG and condensates from associated gas.

Arab Drilling and Workover Company(ADWOC)libyan Arab Jamahiriya

lD 60million

20% Arab Petroleum Services Co. (APSC), libya Santa Fe, USAFirst Energy Bank

Drilling and related opera-tions in the Arab world.

Arab Company for Detergent Chemicals (ARADET)Iraqzv

ID 36million

32% Government of the Republic of IraqGovernment of the Kingdom of Saudi ArabiaGovernment of the State of KuwaitArab Mining Company, AmmanThe Arab Investment Co., Saudi Arabia

Production and marketing oflinearalkylbenzeneandthe excess of intermediary products.

Tankage Mediterranee(TANKMED)Tunisia

TD 16.2million

20% I’Entreprise Tunisienne d’Activités Petro-lieres (ETAP), TunisiaNational Oil Distribution Company (SNDP)Societe Tuniso Seoudienne d’Investissement et de Développement (STUSID)Banque Tunisio-Koweitienne de Développement (BTKD)

Storing, trans-shippingand handling petroleum and petrochemical prod-ucts at la Skhirra terminal.

Arab Geophysical Exploration Services Company (AGESCO)libyan Arab Jamahiriya

lD 19 million

16.67% Arab Petroleum Services Co. (APSC), libya National Oil Co., libya

Providing advanced seismic services in the Arab world.

Saudi European Petrochemical Company(IBN ZAhR)Saudi Arabia

SR 1,025million

10% Saudi Basic Industries Corp. (SABIC) Saudi ArabiaEcofuel, Italy

Production of gasolineoctane booster MTBE,and Polypropylene (PP).

The Arabian Industrial Fibers Company (IBN RUShD), Saudi Arabia

SR 8,510million

3.45% Saudi Basic Industries Corp. (SABIC), Saudi ArabiaPublic Investments Fund, Saudi ArabiaGIC, KuwaitSaudi Pharmaceuticals Co., Saudi ArabiaSAFCO, Saudi ArabiaOthers

Production ofAromatics, PTA andPolyester Fibers.


COMPANy NAME PAID-UP CAPITAl PARTICIPATION OThER MAJOR ShAREhOlDERS ACTIvITIES

Oriental Petrochemical Company (OPC) Egypt

lE 120million

14% Oriental Weavers Group, EgyptArab International Investments Co., libyaAl-Ahli Bank, EgyptEgyptian Petrochemicals Co., EgyptMisr Insurance Co., Egypt

Production and marketing ofPolypropylene.

Alexandria Acrylic Fibers Company (AFCO)Egypt

lE 286.55million

10% Alexandria Carbon Black Co., EgyptThai Carbon Black Public Co., ltd. ThailandThai Rayon Public Co., ltd. ThailandThai Acrylic Fiber Public Co., ltd. ThailandSidikerir Petrochemicals Co., EgyptSaudi Egyptian Industrial Investment Co., Egypt

Production andmarketing of AcrylicFibers

yanbu National Petrochemical Company (yansab)Saudi Arabia)

SR 5,625million

1.57% SABICSABIC Partners in Ibn Rushd and TaifSaudi PublicOthers

Production andmarketing of PE, EG, PPand other by products

Egyptian Methanex Methanol Company (EMethanex)*Egypt

US$ 420million

7% Methanex Corporation, CanadaEgyptian Petrochemicals holding ztCompany(Echem),EgyptEgyptian Natural Gas holding Company (Egas), EgyptEgyptian Natural Gas Company (GASCO), Egypt

Production andmarketing of Methanol

Misr Oil Processing Company (MOPCO)*Egypt

lE 1,992million

3.03% Egyptian General Petroleum Corporation, EgyptAgrium, CanadaNational Investments Bank, EgyptEgyptian Petrochemicals holding Company (Echem), EgyptEgyptian Natural Gas holding Company (Egas), EgyptEgyptian Natural Gas Company (GASCO), EgyptAl Nasr Petroleum Company, EgyptOthers

Production andmarketing of Ammoniaand Urea

The Egyptian Bahraini Gas Derivative Company (EBGDCO)*Egypt

US$ 25million

20% The Egyptian Natural Gas holding Company (Egas)Danagas of Bahrain

Fractionation of naturalgas liquids (NGl) torecover Propane andButane.

* The projects of EMethanex, MOPCO and the Egyptian Bahraini Gas Derivative are still under construction.



TREASURy AND CAPITAl MARKETS ACTIvITIES IN 2010

2010continued tobeaverychallengingyear for theglobalfinancialsectordue to the long lastingadverseimpactsoftherecentglobalfinancialcrisisandtheongoingproblemsintheSovereignDebtspace,especiallyintheEuroZone;inGreece,inIrelandandotherperipheralnations.Evenastheconcernsregardingthedoubledip recession receded, the banking system around the world remains fragile.

APICORP’s strategy during 2010 was on prioritizing liquidity management and minimizing risks, given thechallenging market and economic environment that has existed since the credit crisis. In this regard, on 25th April 2010,APICORPrepaiditsUS$250millionfive-yeartermloan.InitsfirsteverfundraisingfromtheCapitalMarkets,inOctober2010,APICORPsuccessfullyraisedSAR2billion(US$533million),byissuingafiveyearA1ratedBond. Treasury and Capital Markets, assets continued to grow, during 2010 which stood at US$ 1,358 million as at 31 December 2010, compared to US$ 1,117 million as at 31st December 2009. During 2010, Treasury and Capital Markets achieved a higher gross income than the previous year, with Total Income of US$ 16 million for the year 2010, compared to US$ 13 million for the year 2009, in spite of the historic low libor rates that existed during the year.

APICORP’s liquidity measured by cash, placements and investment in Treasury Securities amounted to a comfortable US$ 598 million as at 31st December 2010.

The Fixed Income securities portfolio excluding investments in treasuries amounted to US$ 747 million, and continues to be focused on strong credits, with an average portfolio rating of A+. The foreign branch of APICORP which started its operations as an Investment Bank in Bahrain during last quarter of 2006, continues tocomplementsalltheTreasuryandCapitalMarketsactivitiesofAPICORP’sheadoffice.Wecontinuetoplaceemphasistofurtherexpandinganddiversifyingourfundingbase,whichisvitaltofinanceourcoreactivitiesandmaintainsufficientliquiditylevels.


ThE DEPARTMENT OF ECONOMICS AND RESEARCh

The Economics and Research Department is dedicated to the study of economic, energy and policy issues relevant to APICORP’s business development and growth strategy.

To address these issues, we have continued to focus on three separate but interdependent areas in 2010 :

(i) the scanning of the Corporation’s business environment and trends, highlighting the impact of the global financialcrisisanditslaggedeffects,ontheArab(MENA)economicandenergyinvestmentoutlooks;

(ii) the continual enhancement of our in-house country risk methodology and the associated “perceptual mapping”oftheenergyinvestmentclimateintheArab(MENA)world;

(iii) thedisseminationofour research findings throughourmonthly Economic Commentary, as well as through numerous presentations and talks in international conferences and symposia.

Furthermore, our annual Review of Energy Investments in the Arab/MENA world has become a trusted source ofinsightfulanalysis inthefield.Repetitionofthereviewyearafteryear,since2003,hasmadetrendstudiespossible, thus offering analysts a useful tool for policy and planning.

Both the Economic Commentary and the Review of Energy Investments have greatly contributed to elevating APICORP’sexternalprofileandhelpedstrengthenourrelationshipwithpeerinstitutions,researchcentersandspecializedagencies.

In 2010, the department released a series of discussion papers entitled Economist’s Opinion, which aims to provide a means for discussing interesting global economic and business topics spanning global macroeconomics, government policy, business strategy, and market behavior. It has contributed to building research network with economic professionals and business practitioners globally.


As shown below, the topics addressed in 2010 in the Economic Commentaryhavesignificantlyexpanded,toadd value to the region’s economic and energy policy debate.

• “APICORP’s Annual Review of the Arab Economic and Energy Investment Outlook - A Dim light at the End of a long Tunnel”, January-February 2010

• “To What Extent has the Global Financial Crisis Reshaped Our Perception of the Energy Investment Climate in the Arab World? ”, March 2010.

•“OnBeingFair,BeautifulandNearlyPerfect:AReflectionOnTheEthics,EconomicsAndPoliticsOfOilPrices”, April 2010.

• “The Arab Energy Investment Outlook in a Changing landscape - A Summary of APICORP Report to the 9th Arab Energy Conference”, May 2010.

• “Macondo and Global Oil Supplies and Prices”, June-July 2010.

• “Finding A Needle In the Dodd-Frank haystack And Wondering What To Expect From It - Our Readers Warn Of The Unintended Consequences Of The ‘Disclosure Of Payments By Resource Extraction Issuers’”, August 2010.

• “Joint Report to the G20 on Energy Subsidies: A Critical Review”, September 2010.

• “MENA Energy Investment Outlook: Recovery Despite Uncertainty”, October-November 2010.

• “MENA Natural Gas: A Paradox of Scarcity Amidst Plenty”, December 2009.

The Economist’s Opinion has been assembled into one single book volume which aims to shed lights on today’s economic issues and policy debate.

•”STANCE: One Economist’s Take On The Dynamic Global Economic Issues Of Today, The Collective volume of Economist’s Opinion released in 2010,” December 2010

All publications are accessible on APICORP website: www.apicorp-arabia.com



TITlE DATE vENUE

Qatar Conference for economic development, under the patronage of the Qatari Crown Prince APICORP presented a paper entitled: “The Challenges ofEconomicDiversificationintheGCCcountries”

10 February Qatar

A visit by the Bahrain Minister of Oil and Gas Affairs to APICORP’s Banking Branch in Bahrain, where he discussed with APICORP’s management a number of investment issues related to oil, gas and petrochemicals.

21 February Bahrain

Meeting and brainstorming session organised by Saudi Aramco focused on global and regional economic outlook and the threats and opportunities for investments

24 February Saudi Arabia

APICORP delegation (led by Chief Executive) to the State of Kuwait. APICORPdelegationmetwiththeofficialsoftheKuwaitInvestmentAuthority and the Kuwait Petroleum Corporation where matters related to APICORP’s involvement in Kuwait oil-related projects were discussed.

8 March Kuwait

APICORP chaired a workshop “Responsible Investment in Energy Markets” within the works of Robeco Conference held in Bahrain.

24 March Bahrain

7th Syrian International Oil and Gas Exhibition and the accompanying symposium, held under the patronage of the Syrian Prime Minister.

5-8 April Syria

APICORP presented a work paper to the 9th Arab Energy Conference entitled: “Energy and the Arab Cooperation” held under the patronage of h.E. the Prince of Qatar.

9-12 May Qatar

Participation in Euromoney Saudi Arabia 2010 Conference under the patronage of h.E. the Saudi Finance Minister.

18-19 May Saudi Arabia

APICORP participated in the semi-annual meeting of Arab Energy Forum, to discusstheMeansandMethodsofEnergyRationalizationinArabCountries,in addition to other subjects.

21-20 May Qatar

In response to an invitation from h.E. the Syrian Deputy Prime Minister , a delegation from APICORP, headed by the Chief Executive and General Manager visited the Syrian Arab Republic, with the aim of presenting APICORP’sratingexperiencetotheSyrianofficials.

19 July Syria

Robecco Summer Forum held in Amsterdam, holland, where discussions werefocussedonfinancialmarketsactivitiesduringtheperiodthatfollowedtheglobalfinancialcrisisandtheresultantfinancialandpoliticialchallenges.

2-3 July holland

Saudi Solar Energy Forum under the title: “The Sun: The Main Source of Energy, which was held at Saudi Aramco hQ in Dhahran.

10 October Saudi Arabia

In response to an invitation by h.E. the Saudi Oil and Mineral Resources Minister, APICORP participated OPEC 59th Anniversary as one of the sponsors, and also as one of the main speakers in the “International Energy Symposium” which were held in Riyadh on the occasion of OPEC’s 50th Anniversary.

18-20 October Saudi Arabia

A delegation lead by APICORP’s Chief Executive and General Manager, took part in the 5th Forum of the Gulf Union for Petrochemicals and Chemicals that took place in Dubai.

7-9 December UAE

CONFERENCES AND SEMINARS 2010

apicorp activities in 2010 · banagas was established in 1978 to extract and market lpg and light...

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