Libya’s Adwoc inks $38 million loan
Posted: 01 October 2007
 Send this article
 Print this article
Arab Banking Corporation (ABC) and the Arab Petroleum Investment Corporation (Apicorp) have signed a $38 million loan agreement in Bahrain with the Arab Drilling and Workover Company (Adwoc) in Libya, Emirates news agency WAM reported on Friday.
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 was considered as a new phase of growth for Adwoc.
It is the third facility purchased by Adwoc during the last two years. This growth is fuelled by the ambitious land and sea drilling programmes embarked upon in Libya.
The agreement was signed by Omran Mohammed Abukraa - General Manager of Adwoc, Souheil Badro - Head of the Arab World Division at Arab Banking Corporation and Ahmad Bin Hamad Al Nuaimi - Chief Executive and General Manager of Apricorp. |
