Ipic to soon announce new investment opportunities

The Abu Dhabi-based International Petroleum Investment Company (Ipic) is looking for new investment and expansion opportunities. In a meeting of Board of Directors yesterday, the senior executives reviewed a report on the investment returns of the company until third quarter of 2009. The meeting, chaired by Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, also examined a number of new investment options which will be announced in the near future after the company completes the studies and negotiations on them. Meanwhile, Ipic has announced record profits for the first half of 2009, rising to $2.1 billion (Dh7.7bn) from $136 million for the corresponding period in 2008. The company attributed the surge in profits to the sale of bonds and convertible shares to Barclays Bank at a total value of $2bn. The transaction, however, had little impact on the company's portfolio that went up during the first half of 2009 to $31.5bn, against $23bn during the same period in 2008. Ipic is wholly owned by the Abu Dhabi Government. The company holds a 71 percent stakes in Aabar Company that posted $1.7bn profits in the first half of 2009. It also holds 10-70 per cent stakes in international companies, including Hyundai Oil Bank in Korea, Borealis and OMV of Austria, Parco in Pakistan, Cepsa in Spain and Cosmo Oil in Japan. Ipic, formed by the Abu Dhabi Government in 1984, has been tasked with an ambitious mandate to invest in hydrocarbons industries across the world. Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here .