Joined: 05 Oct 2005
Posts: 315
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MENAFN - Emirates News Agency (WAM)) Arab Banking Corporation (ABC) and the Arab Petroleum Investment Corporation (APICORP) has signed a US$38 million loan agreement in Bahrain with the Arab Drilling and Workover Company (ADWOC) in Libya.
The purpose of the loan is to finance ADWOC?s purchase of a land drilling rig and its associated accessories and equipment from National Oil Wells Varco Company. The purchase of this drilling rig, the third purchased by ADWOC during the last two years, reflects the new phase of growth for ADWOC. This growth is fuelled by the ambitious land and sea drilling programmes embarked upon in Libya. The agreement was signed by Mr. Omran Mohammed Abukraa - General Manager of ADWOC, Mr. Souheil Badro - Head of the Arab World Division at Arab Banking Corporation and Mr. Ahmad Bin Hamad Al Nuaimi - Chief Executive and General Manager of APICORP. |
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