JeantetAssociés advised Arab Petroleum Investments Corporation (APICORP) in the establishment of a Murabaha Islamic funding in favor of the Société Anonyme Marocaine de l’Industrie de Raffinage – SAMIR (Morocco) for the purchase of products for refining.
APICORP is an Arab intergovernmental financial institution established in the Gulf (Saudi Arabia/Bahrain), founded in 1975 by the OAPEC and dedicated to the financing of the development of energy sector within Arab countries. Specialized in the funding of energy value chain, APICORP is one of the sector’s major players being involved in conventional or Islamic debt operations, take-overs as well as providing financial advices.
APICORP acted as a financial arranger and sole financier in the revolving funding granted to the first refiner in Morocco, SAMIR. In accordance with the principles of Murabaha, APICORP buys products from SAMIR’s approved suppliers and sells them back immediately to SAMIR at a forward price, which equals to the purchase price plus a margin. This margin is priced according to the LIBOR rate.
JeantetAssociés’ team involved Jean-François Adelle, partner, assisted by Naulais Emmanuelle, Paris-based fellow for documentation of funding and Laurent Sable, Casablanca-based partner.
