By: Aseel bin Taleb
Riyadh – Mubasher: Raed Al-Rayes, deputy chief executive and general manager of the Arab Petroleum Investments Corporation’s (APICORP), on Tuesday stressed on the importance of enforcing the set conditions in the first phase of the three-phase joint fund.
The first phase includes four conditions, namely: to accomplish the fund’s finance, acquire most of the vessels, use the vessels in an effective trading way and get the approval of both companies on moving on to the next phase, Al Rayes told Mubasher in an interview.
Availability of finances is likely to be the most prominent risk facing the fund; however, APICORP’s assets and its financial solvency will not make that a problem, the top executive noted.
On Sunday, the National Shipping Company of Saudi Arabia (Bahri) and APICORP signed an agreement to establish an SAR 5.6 billion ($1.5 billion) investment fund.
Translated by: Sara Ghali
