Sonatrach backs its Italian refinery with rare external financing (APICORP)
The pan-Arab oil fund APICORP, led by Libyan Ahmed Ali Attiga, is lending $250 million to finance maintenance and oil purchases for the Augusta refinery acquired by Sonatrach in 2018.
06/01/2020 at 16h04, by Africa Business+
In a ground-breaking move, the Arab Petroleum Investments Corporation (APICORP) energy fund, based in Khobar, Saudi Arabia, is supporting Sonatrach‘s international development at the Augusta refinery in Sicily which the Algerian giant bought from ExxonMobil in 2018. The acquisition was carried out for less than $1bn as indicated in May 2018 by Abdelmoumen Ould Kaddour, CEO of the group at the time.
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