The net profits of Khobar-based Arab Petroleum Investments Corporation (APICORP) jumped in FY2002 to U.S. $29.8 million, from $8.42 million the year before, while the value of the corporation's assets increased to $1,872 million from $1,584 million. Its annual report said that despite the economic and political circumstances affecting the region, APICORP has been working to intensify its activities in the field of petroleum industries in the Arab countries. The total value of loans in which it participated in 2002 amounted to $5.2 billion, with APICORP's share standing at $436 million. In the same year, APICORP's share in financing foreign trade operations amounted to $120 million, out of a total sum of $679 million. The General Assembly has recommended raising the paid capital of the corporation from $460 million to $550 million. APICORP was established on November 23, 1975 in line with an agreement approved by the member states of the Organization of Arab Petroleum Exporting Countries (OAPEC).