VOL. XXXV

NO. 32

11-MAY-1992

OAPEC

AMPTC Reduces Capital to Offset Accumulated Losses

The OAPEC-sponsored Arab Maritime Petroleum Transport Company (AMPTC) -which is jointly-owned by Libya, Kuwait, Bahrain, Saudi Arabia, Iraq, Qatar, theUAE, Algeria and Egypt - decided in 1990 to write down its authorized capitalof $500mn to $200mn in order to offset $300mn of the total accumulated losses of$364.9mn registered at end-1989. According to the company's 1990 Annual Report,which has recently been...