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Follow on Google News | APICORP Expands Energy Trade Finance Services to the Arab World and BeyondArab Petroleum Investments Corp the multilateral development bank owned by the member states of the Organization of Arab Petroleum Exporting Countries announced the signing of a trade finance services agreement with J.P. Morgan Treasury Services
By: Arab Petroleum Investments Corporation (APICORP) "We are pleased to announce another major milestone in APICORP's bid to diversify business streams and grow the Bank for the benefit of the Arab World's energy sector," said Ahmad Bin Hamad Al Nuaimi, Chief Executive and General Manager of APICORP. "This announcement has been preceded by extensive efforts with J.P. Morgan to set up a highly reliable service that can be increased in scale to meet rising demand." Under the trade finance services agreement, J.P. Morgan will provide APICORP with trade finance processing support, including internet-based technology, and access to trade finance services from a global network of branches. "APICORP will initiate transactions and interface with customers as well as make final credit approval decisions," said Al Nuaimi. "Of the financial institutions that were considered for this alliance, we felt J.P. Morgan is the most suited partner, recognized for its expertise, wide banking network, and trade processing capability." Since its establishment in 1975, APICORP has helped finance the development of projects in oil and gas, petrochemicals, fertilizers, power and water generation, transportation and storage logistics, and energy intensive projects such as aluminium smelters. APICORP's, move into trade finance is complementary to its 37 years of expertise as a projects lender in the energy sector. J.P. Morgan has conducted business in the Middle East for 75 years and has seven offices in the region including a branch in Riyadh. End
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