Middle East Economic Survey
Abu Dhabis IPIC Makes Strategic Shift Into Oil Trading
Abu Dhabis state-owned investment vehicle International Petroleum Investment Company (IPIC), is preparing to invest up to $1bn in commodities trader Glencore, when the Switzerland-based firm launches its $10-12bn IPO later this month. IPIC is expected to be the biggest of at least 10 cornerstone investors.
Glencore is a major oil trader, and IPIC through its Aabar Investments...