Arab Energy Fund backs China’s United Energy Group: Hong Kong-listed oil and gas player United Energy Group secured a USD 100 mn private loan from Riyadh-based investment firm Arab Energy Fund, formerly known as Apicorp, to shore up its cash reserves, Bloomberg reports citing a source it says is familiar with the matter.

To settle an old bill: The five-year facility will be used to refinance the company’s outstanding debt, with part of the proceeds earmarked for UEG’s upstream operations in Iraq. The firm is also looking to raise an additional USD 200 mn for similar uses.

Why it matters: The funding gives UEG more breathing room as oil prices come under pressure, with OPEC+ recently announcing a surprise supply hike for May. The loan also underscores deepening capital links between GCC investors and China’s energy sector, especially in Iraq and Egypt — two geographies where UEG has been actively growing its footprint.

ICYMI- The Arab Energy Fund recently issued a USD 650 mn 5-year senior unsecured bond under its Global Medium-Term Note Program, booking USD 935 mn in orders. The offering was 1.4x oversubscribed.

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