The Arab Petroleum Investments Corporation (APICORP), a multilateral bank owned by the ten member states of the Organization of Arab Petroleum Exporting Countries (OAPEC), has reported an above-budget net income of $47 million for the first six months of 2010, a 95 percent rise over the same period last year. “The surge in net income reflects the sound financial fundamentals the organization maintained despite the current economic environment that has adversely affected credit and capital flows. Not only have we remained self-sufficient in meeting our financial obligations at the height of the crisis, but the fact that APICORP exceeded budgeted estimates for H1 2010 points to the viability of its business mode,” said Ahmad Bin Hamad Al-Nuaimi, chief executive and general manager of (APICORP). “The excellent results for the first half of this year gives us a stable foundation for implementing APICORP's next phase in its business plan to optimize its funding mix and to diversify its investments in new sectors within the oil and gas industry,” Al Nuaimi was quoted as saying in a press release issued by the Corporation, which has its headquarters in Al-Khobar, Saudi Arabia. --MORE
