1998 News Story

APICORP reports profit

The Arab Petroleum Investments Corporation (APICORP) has reported a net profit in 1997 of SR

168.75 million (U.S. $ 54 million), a figure similar to that of the previous year.  Apicorp's

financial statement for 1997 was endorsed by the General Assembly during its annual meeting

held recently in Abu Dhabi, at which the board of directors recommended distribution of SR

93.7 million (U.S. $ 25 million) as dividend to the shareholder governments.  Apicorp has

contributed significantly to the successful conclusion of financing for a number of petroleum

and petrochemical projects in the Arab world.