Arab Petroleum Investments Corp (Apicorp) has announced plans to invest nearly $1bn in energy projects during 2019 in a move that is set to increase its assets with oil prices faltering, Arabian Business reports.
It is anticipated that new investments will see the portfolio diversified into Libya, Morocco, Egypt, Iraq and the US, according to chief executive officer, Ahmed Ali Attiga.
In an interview in Abu Dhabi, Attiga commented: “These projections will be maintained for the region in 2019. The price of oil is rebounding, and I think it will settle in a range that is conducive to making the bulk of the investments happen. I hope my success will be measured by how much we can grow, particularly in the areas where we are seeing the transformation of the energy sector in this region: renewables, energy efficiency, technology and anything related to it,” added Attiga.
With Gulf Cooperation Council putting in 24% as oil prices reached its highest position in four years, it was revealed that Apicorp’s assets increased in 2018 and rose a total of 13%.
It is believed the company plans to borrow under its current $3bn bond and $3bn sukuk programmes in order to fund the investments.