Apicorp is planning to invest nearly $1 billion in energy projects in 2019.


Arab Petroleum Investments Corp (Apicorp) has announced plans to invest almost $1 billion in energy projects in 2019 to increase its oil prices assets, reports Arabian Business. According to Chief Executive Officer Ahmed Ali Attiga, new investments are expected to see the portfolio diversified into Libya, Morocco, Egypt, Iraq and the US. 

Attiga commented in an interview with Abu Dhabi: "These projections will continue in 2019 for the region. The oil price is rebounding, and I think it will settle in a range that will make the bulk of the investments happen. I hope that my success will be measured by how much we can grow, especially in the areas where we are seeing the energy sector transformation in this region: renewables, energy efficiency, technology and everything related to it, "Attiga added. 

With a 24 percent increase in oil prices reaching its highest position in four years, the Gulf Cooperation Council revealed that Apicorp 's assets increased in 2018 and increased by a total of 13 percent. The company is expected to borrow under its current $3 billion bond and $3 billion sukuk programs to finance the investment. 

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