Manama, Bahrain: Arab Banking Corporation (ABC) and the Arab Petroleum Investment Corporation (APICORP) signed a US$38 million loan agreement in Bahrain with the Arab Drilling and Workover Company (ADWOC).

The purpose of the loan is to finance ADWOC’s purchase of a land drilling rig and its associated accessories and equipment from National Oil Wells Varco Company. The purchase of this drilling rig, the third purchased by ADWOC during the last two years, reflects the new phase of growth for ADWOC. This growth is fuelled by the ambitious land and sea drilling programmes embarked upon in Libya.

The agreement was signed by Mr. Omran Mohammed Abukraa - General Manager of ADWOC, Mr. Souheil Badro - Head of the Arab World Division at Arab Banking Corporation and Mr. Ahmad Bin Hamad Al Nuaimi - Chief Executive and General Manager of APICORP.

A Brief About the parties involved

 ADWOC

The Arab Drilling and Workover Company - ADWOC is headquartered in Tripoli, Libya Arab Jamahiriyia. ADWOC is one of the major joint venture Arab companies to be established under the umbrella of the Organization of Arab Petroleum Exporting Countries - OAPEC. It currently holds a leading position in the area of drilling services in Libya.

About APICORP

APICORP was established in 1975 by ten member states of the Organisation of Arab Petroleum Exporting Countries (OAPEC). The main objective of APICORP is to contribute to the development and transformation of the Arab hydrocarbon and energy industries through equity and debt financing, advisory and research services. APICORP’s Head Office is based in Eastern Saudi Arabia and has recently established an offshore banking unit in the Kingdom of Bahrain.

About ABC

Arab Banking Corporation is a leading international Arab banking group headquartered in the Kingdom of Bahrain, with a regional and international network. ABC provides a full range of retail and commercial banking, investment banking, project finance, corporate finance, discretionary fund management, foreign exchange, derivatives, Islamic banking and financial advisory services in the markets in which it offers those services.