APICORP agrees $250 mln in Loans with Sonatrach Subsidiary

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

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

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