Ipic prepays Dh1.9bn debt

The International Petroleum Investment Company (Ipic), wholly owned by the Government of Abu Dhabi, has made early repayment of Dh1.89 billion of existing debt by making prepayment of two of its outstanding facilities which were each maturing in 2013.

"Ipic continues to generate significant income from its investments and, following the prudent guidelines of its board of directors, has used part of its excess liquidity to retire a portion of its outstanding liabilities. Ipic will continue to focus on the success of its business and will proactively manage its balance sheet accordingly," said Managing Director, Khadem Al Qubaisi.

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