APICORP Oks $250 million in loans with Sonatrach Petroleum subsidiary

The Arab Petroleum Investments Corporation (APICORP) said it has agreed to two loans worth a combined $250 million with Sonatrach Petroleum Investment Corporation, a subsidiary of Algerian state-owned oil firm Sonatrach.

The first loan, worth $100 million, will be used to back the maintenance of the Sonatrach Raffineria Italiana complex in Sicily, Italy, which Sonatrach bought from ExxonMobil in 2018.

The second loan is a $150 million letter of credit for the purchase of Saudi Aramco crude by Sonatrach Raffineria Italiana, APICORP said in a statement.

Source: Reuters