Middle East Economic Survey

VOL. XLIX

No 4

23-January-2006

LIBYA

Libyas ADWOC Secures $30mn Loan For New Rig

Libyas Arab Drilling and Workover Company (ADWOC) has signed an agreement to receive a $30mn loan from Arab Petroleum Investment Corporation (APICORP), Arab Banking Corporation (ABC) and the Arab Investment Company Offshore Banking Unit (TAIC). The three financiers are providing the funding in a club deal and further syndication is not expected, MEES learns. The loan, which has a tenor of...