The Arab Petroleum Investment Corporation (Apicorp) has signed a loan agreement worth U.S. $104 million with the Egyptian Gas Company (Gasco), for the financing of a project for the production of liquefied petroleum gas (LPG). The project, to be established at Port Said on the Red Sea coast, will reduce Egypt's dependence on LPG imports. Apicorp was established in 1975 to support and finance petroleum and energy projects in the Arab states. It is an affiliate of the Organization of Arab Petroleum Exporting Countries (OAPEC), grouping Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria and the United Arab Emirates. Recently, Apicorp signed a loan agreement worth U.S. $50 million with the Algerian national oil company.