International Petroleum Investment Company
|International Petroleum Investment Company - IPIC|
|Headquarters||Abu Dhabi, UAE|
|Total assets||$48 billion |
International Petroleum Investment Company (IPIC) was created in 1984 to focus on oil-related purchases overseas. The company operates as a 50-50 venture between Abu Dhabi Investment Authority (ADIA) and the Abu Dhabi National Oil Co. (ADNOC).
Shaikh Mansour bin Zayed Al Nahyan, son of the Abu Dhabi ruler and UAE president, is the chairman of IPIC's nine-member board. The consisting eight affiliates are made up of four members from ADIA and four from ADNOC.
IPIC has invested in OMV, Austria's largest company and one of the world's leading oil and natural gas groups. The company had a turnover of $7 billion in 2001 and provided employment for 5,600 people. OMV and IPIC own between them 40% of Pak-Arab Refinery Limited in Pakistan.
A third major IPIC investment is in Borealis Group, a major producer of polyethylene and polypropylene. The Borealis Group produces over 3 million tonnes of PE and PP each year, and employs nearly 5,200 people.
Since 1988, the company has held a 9.65% stake in Cepsa Group, a leading Spanish oil company. Cepsa has substantial operations in Algeria and Morocco and employs 9,000 people.
IPIC has over $19.2 billion in debt at the end of 2011. IPIC raised $3.75 billion in October 2011. It is expected to raise an additional $2.9 billion with a series of bonds: $750 million in three-year bonds and two-part €1.65 billion ($2.14 billion) debt maturing in 5.5 years and 10.5 years. IPIC was profitable in 2012.
Board of Directors
|Mansour bin Zayed Al Nahyan||Chairman|
|Mohamed bin Dhaen Al Hamli||Deputy Chairman|
|Yousef Omair bin Yousef||Board Member|
|Khalifa Mohamed Al Kindi||Board Member|
|Hamad Al Hurr Al Suwaidi||Board Member|
|Nasser Ahmed Khalifa Alsowaidi||Board Member|
|Eissa Mohamed Ghanem Al Suwaidi||Board Member|
|Khadem Abdulla Al Qubaisi||Board Member & Managing Director|
Aabar Investments was a investment firm based in Abu Dhabi until it was taken private by IPIC in August 2010. IPIC is the majority owner of the firm. IPIC took a 71% stake in the company after paying $1.8 billion for convertible bonds. The bonds matured in November 2009. Since IPIC's investment, Aabar has has been rejuvenated and have taken several large investments. It has increased its assets by over $9 billion.