(MENAFN) The Arab Petroleum Investments Corporation's (Apicorp) chief executive, Ahmad bin Hamad Al Nuaimi, announced that the corporation has established a USD150 million fund, reported Gulf Daily News.
Al Nuaimi added that the Apicorp Petroleum Shipping Fund, which is a Sharia-compliant fund, is the first to be set up by Apicorp, and will be used to seize opportunities in the petroleum product tanker charter market.
He added that the fund has bought 5 medium range petroleum product tankers that will be employed in the regional and international tanker market for 5 years.
He noted that the acquisition of the tankers will help meet the expected increase in demand for petroleum product carriers.
It is worth noting that Apicorp, which is a multilateral development bank owned by the Organization of Arab Petroleum Exporting Countries (OAPEC) manages the fund with Tufton Oceanic, a leading global fund manager in the maritime and energy-related industries.
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