Ipic reports record profits of Dh4.4 billion for 2007

Sheikh Mansour bin Zayed Al Nahyan at the board meeting in Abu Dhabi. (WAM)

The board of directors of International Petroleum Investment Company (Ipic) yesterday announced record profits of $1.2 billion (Dh4.4 bn) for 2007, posting a growth of 48 per cent over the year 2006 profits.

The Abu Dhabi-owned company also approved plans for a new refinery project in Pakistan with a capacity of 250,000 barrels per day. The refinery is the company's second largest project after the $5bn Parco Refinery (Pak-Arab Refinery) in Pakistan.

Parco will have a capacity to refine 102.7 million barrels of crude oil per annum. Ipic will hold 74 per cent, while the Pakistan Government will own 26 per cent stake in the project.

Ipic, which is responsible for all foreign investments in the oil and chemicals sector said it is considering the awarding of the project management consultancy services contract for the new refinery.

Ipic's board made the announcements at a meeting chaired by Sheikh Mansour bin Zayed Al Nahyan, Chairman of the board and Minister of Presidential Affairs.

Ipic also approved Al Jarf Al Asfar refining project in Morocco and work is under way to establish a company with competent Moroccan authorities.