APICORP takes part in $160 mm loan to Saudi Texaco

Dec 18, 1996 01:00 AM

The Arab Petroleum Investments Corp. (APICORP) is taking part in a $160 mm loan to Saudi Arabian Texaco, to finance investment in the neutral zone between Saudi Arabia and Kuwait. APICORP is co-financing the loan with Riyad Bank and Saudi Hollandi Bank, which is 40 % owned by ABN-Amro Bank. The agreement was signed with Texaco Inc. December 16. The loan will be issued in three tranches. Two will be used to refinance two existing loans of around $85 mm. The third tranche would help rebuild some of Saudi Arabian Texaco's installations which had been damaged in the 1991 Gulf War. Saudi Arabian Texaco and Kuwait Oil Co. (KOC) share onshore oil production in the neutral zone. In October, Saudi Arabia, Kuwait and Saudi Arabian Texaco have agreed to spend $400 mm to raise output from onshore fields in the neutral zone to 300,000 bpd by 1998 from a current 190,000 to 200,00 bpd.

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