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IPIC Explores New Investment Options

ABU DHABI — The Board of Directors of the International Petroleum Investment Company, or IPIC has reviewed a report on the investment returns of the company up the third 
quarter of 2009.

Chaired by Shaikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, the meeting also discussed progress on under-construction projects and new investment and expansion opportunities.The meeting also examined a number of new investment opportunities which will be announced in the near future after the company completed studies and negotiations on them.

IPIC has announced record profits for the first half of 2009, rising to $2.1billion 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 $2 billion approximately. The transaction, however, had little impact on the company’s portfolio that went up during the first half of 2009 to $31.5 billion, against $23 billion during the same period in 2008. IPIC is wholly owned by the Government of the Emirate of Abu Dhabi. The company holds a 71 per cent stakes in Aabar Company that posted $1.7 billion 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.