Middle East Economic Survey

VOL. XLVIII

No 41

10-October-2005

UAE

IPIC To Acquire 20% Stake In Taiwans CPC

Abu Dhabi-based International Petroleum Investment Co (IPIC) has announced the signing of a memorandum of understanding (MOU) to buy a 20% stake in Taiwans Chinese Petroleum Corp (CPC) for more than $5bn. IPIC said that the Taiwanese government planned to privatize state-run CPC and the plan had been submitted to parliament for approval, according to a statement issued on 3 October following a...