Apex International Limited (IFC-38485)

Countries
  • Egypt
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
A
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
May 18, 2017
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
APEX INTERNATIONAL ENERGY L.P.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Mining
The service or industry focus of the investment. A project can have several sectors.
Project Cost (USD)
$ 500.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Apr 1, 2017

Disclosed by Bank Mar 15, 2017


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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.
Apex International Energy (“Apex” or “the company”) is an independent oil and gas exploration and production company founded in April 2016, by former senior members of the Apache Corporation management team. The company is currently staffed by 19 full time employees and an additional 9 part-time or contracted staff located at the company’s offices in Houston, USA, and Cairo, Egypt.
Investment Description
Here you can find a list of individual development financial institutions that finance the project.
The Project Sponsor is Warburg Pincus, a global private equity group. Established 50 years ago, Warburg Pincus has invested more than $58 billion in more than 760 companies in more than 40 countries around the world. Apex plans to build an exploration and production business of scale through asset acquisitions and capital investments in drilling, infrastructure, production enhancement and exploration to deliver long-term profitable growth in production and reserves. The total project cost is estimated at $500 million. The proposed IFC investment is $75million in equity. The equity would be used to fund: (i) corporate G&A; (ii) acquisition of oil and gas assets; (iii) early development of such assets and exploration activities in the newly acquired blocks.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.
ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

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How it works