Dec. 19 (Bloomberg) -- Arab Petroleum Investments Corp., a development bank owned by 10 Arab oil-producing nations, and National Bank of Fujairah PSC 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.
To contact the reporter on this story: Ayesha Daya in Dubai at firstname.lastname@example.org
To contact the editor responsible for this story: Stephen Voss at email@example.com