Apex International Limited (IFC-38485)

Countries
  • Egypt
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
Bank Risk Rating
A
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
May 18, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
APEX INTERNATIONAL ENERGY L.P.
The holder of the loan, grant, or other investment.
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, converted to USD$. Please see updated project documentation 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
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
  • International Finance Corporation (IFC)
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
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/