Lundin Oil (LOILY, LOILB Sweden) Message Board

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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)

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To: Icebrg who wrote (1907)	11/19/2000 10:34:59 PM
From: Tomas	Read Replies (1) of 2742

Lundin Oil: ABC, Apicorp lend into Libya - Middle East Economic Digest, Nov 3-10 Bahrain-based Arab Banking Corporation (ABC) and Saudi-based Arab Petroleum Investments Corporation (Apicorp) signed on 25 October a $50 million term loan for International Petroleum Libya and Lundin Investments. The loan will be used to finance the development of Libya's Block NC 177 (En Naga North) field, which has proven reserves of more than 85 million barrels of oil. The project will cover both extraction and the connection of the field to Libya's pipeline network. The financing package is priced at 200 basis points over Libor and has a tenor of six years. "The facility is available for drawdown by both companies," says one banker involved. "The percentages taken by each will be determined by potential tax liabilities." Both borrowers are wholly owned subsidiaries of Sweden's Lundir Oil, which has provided a guarantee for a proportion of the loan's six-year tenor. The $50 million exposure will be kept or the books of ABC and Apicorp, both of which are looking to expand their activities in North Africa, particularly in the oil and gas sectors.

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