Middle East Economic Survey
Abu Dhabis IPIC Reports 30% Increase In Profit In 2004
The International Petroleum Investment Company (IPIC) has reported a record profit of $100mn in 2004, an increase of 30% over the figure for 2003. IPIC, which is 100% owned by the Abu Dhabi government, was established in 1984 as the investment arm of ADNOC in overseas petroleum ventures and financial equity. Its overseas investments include equity in Spains Cepsa, Austrias OMV,...