Abu Dhabi’s IPIC Plans to Diversify Investments as Assets Rise
International Petroleum Investment Co. plans to diversify its investments into agriculture and industry as the Abu Dhabi government-backed investor’s assets under management reached about $58 billion.
"IPIC plans to enter new investments in areas it has not entered before such as agriculture and industry," Managing Director Khadem Abdullah Al-Qubaisi said in an e-mailed statement today. IPIC’s main investment area remains the energy industry, he said.
IPIC said last month its plans to build a 200,000 barrel-a- day oil refinery in Fujairah at an estimated cost of $3 billion. In February, the company agreed to buy Total SA’s stake in oil refiner Cia. Espanola de Petroleos SA as part of a 3.97 billion- euro ($5.37 billion) offer to increase its stake in the Spanish company to 100 percent.
IPIC’s 2010 profit attributable to shareholders dropped 67 percent to $1.25 billion as costs increased and the company booked losses from financial instruments, the company said in a statement to the London Stock Exchange. Assets under management were $47.9 billion at the end of last year.
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