APICORP Boosts Stake In Egypt’s EMethanex

Arab Petroleum Investments Corporation (APICORP) has secured an additional 10% stake in the Egyptian Methanex Methanol Company (EMethanex) from majority shareholder Methanex of Canada. APICORP, a development bank owned by the 10 member states of the Organization of Arab Petroleum Exporting Countries (OAPEC), said the $110mn transaction will increase its stake from 7% to 17% and is expected to be finalized by end-2013.