UAE

 

Abu Dhabi’s IPIC Pushes Ahead With Downstream Plans

 

Abu Dhabi’s International Petroleum Investment Company (IPIC) saw its 1H13 profit increase by 28% over the same period last year, to $861mn from $674mn. Profits are also up, by a more modest 5.4%, on the second half of 2012. 

The company said that its total assets on 30 June stood at $63.4bn, about 2.7% lower than at the end of last year, thanks mostly to “unwinding of derivative positions, with...