Abu Dhabi: The merger between International Petroleum Investment Company (Ipic) and Mubadala will create a global investment champion that will act as an engine for sustainable economic development, Suhail Al Mazroui, UAE minister of energy and Ipic managing director, has said.
“The combined entity will give Abu Dhabi a competitive advantage on an international stage, and at the same time, provide the company with investment opportunities that contribute to a diversified UAE economy,” Al Mazroui said.
He said over three decades, Ipic has invested in major energy and petrochemical assets across the world through its strategic local and international partnerships with entities such as Adnoc.
“The company has successfully positioned Abu Dhabi as the world’s fifth largest producer in petrochemicals,” he said.
Al Mazroui made the remarks while commenting on Ipic’s participation at this year’s Abu Dhabi International Petroleum Exhibition and Conference, to be held from November 7 to 10.
Ipic, which has stakes in a number of companies across the globe, posted a net loss of $2.5 billion (Dh9.18 billion) in 2015 due to low oil prices.
The combined assets of the two companies are worth $130 billion, with operations in Europe, Asia and the US.
