Arab Petroleum Investments Corp., a development bank owned by 10 Arab oil-producing nations, and National Bank of Fujairah PSC (NBF) agreed to lend the first tranche of a $110 million loan to Socar Aurora Fujairah Terminal.
The debt was worth $61 million, according to an e-mailed statement from Arab Petroleum. The project is a joint venture between State Oil Co. of Azerbaijan, Swiss commodity trader Aurora Progress SA, and the Fujairah government. The United Arab Emirates has a 17 percent stake in Arab Petroleum.
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