Saudi-based Apicorp arranges $100m Islamic financing for Egypt’s EGPC

Saudi Arabia-based Arab Petroleum Investments Corp (APICORP) has arranged a three-year $100 million murabaha financing facility for Egyptian General Petroleum Corporation (EGPC), the development bank said on Wednesday.

EGPC will use the funds to purchase liquid petroleum gas from the Arab Maritime Petroleum Transport Company, the statement said.

A murabaha is a cost-plus-profit arrangement which complies with Islamic finance standards.

Source: Reuters