Middle East Economic Survey
IPIC Completes Acquisition of Nova Chemicals
Abu Dhabis investment fund International Petroleum Investment Company (IPIC) completed the acquisition of Nova Chemicals Corporation on 6 July. Nova will continue to operate its chemicals and plastics business from its North American base, while IPIC will provide a $250mn credit backstop facility to boost the companys liquidity. Under the agreement, a wholly-owned subsidiary of IPIC acquired all...