December 23, 2019 / 6:04 AM / a month ago

APICORP agrees $250 mln in loans with Sonatrach subsidiary

DUBAI, Dec 23 (Reuters) - The Arab Petroleum Investments Corporation (APICORP) said it has agreed to two loans worth a combined $250 million with Sonatrach Petroleum Investment Corporation, a subsidiary of Algerian state-owned oil company Sonatrach.

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

The second loan is a $150 million letter of credit for the purchase of Saudi Aramco crude by Sonatrach Raffineria Italiana, APICORP said in a statement. (Reporting by Davide Barbuscia; Editing by Muralikumar Anantharaman)

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