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International Petroleum Investment Company (IPIC): Overview

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Updated June 21, 2023
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What Is the International Petroleum Inve🐎stment 🅠Company (IPIC)?

The International Petroleum Investment Company (IPIC) is a government-owned investment organization that manages the sovereign wealth fund for Abu Dhabi, United Arab Emirates (UAE). The purpose of the IPIC is to invest internationally within the hydrocarbons industries. In 2016, thꦇe IPIC merged with Mubadala Development Company to create the Mubadala Investment Company.

Key Takeaways

  • The International Petroleum Investment Company (IPIC) was established in 1984 by the Abu Dhabi government.
  • IPIC focused on global energy-related investments including exploration, distribution, and services.
  • In 2016, IPIC merged with Mubadala Development Company.
  • In 2022, IPIC sold two of its largest international hydrocarbon investments.
  • At the end of 2022, Mubadala reported owned more than $1 trillion of portfolio assets.

Understanding the Interna๊tional Petroleum Investment Company (IPIC)

The IPIC was established in January 1984 by the Abu Dhabi government. Abu Dhabi is the capital of the United Arab Emirates (UAE). It has a population of nearly three million and holds 9% of the world’s 澳洲幸运5官方开奖结果体彩网:oil reserves and 5% of the world’s gas reserves. The IPIC was created with the goal to use Abu Dhabi’s natural petroleum wealth—from oil resources discovered in the 1950s—to build up the economy and build critical infrastructure for the future of Abu Dhabi’s citizens.

One of the IPIC’s first investments was in 1988 when it acquired a large minority stake in Cespa, the Spanish refiner. The IPIC specialized in global energy-related industries related to h🧔ydrocarbons: exploration and production, shipping and pipelines, retail and marketing, and industrial ꦇservices, among others.

In 2022, the firm monetized its two largest international hydrocarbons investments including selling its 24.9% ownership stake. This included a December 2022 transaction, selling its 24.9% ownership stake in Borealis, one of the world’s leading providers of advanced and circular polyolefin solutions.

Merger With Mubadala Development Company

Mubadala Development Company was established in 2002 to further diversify Abu Dhabi’s economy. The IPIC merged with Mubadala Development Company on June 29, 2016. A strategic decision was then made by the President of the United Arab Emirates and Ruler of Abu Dhabi, Khalifa bin Zayed bin Sultan Al Nahyan, in 2017 to create a new company, Mubadala Investment Company, which would comprise of both the IPIC and Mubadala Development Company.

Mubadala Investment Company is known as a 澳洲幸运ඣ5官🍒方开奖结果体彩网:global investment powerhouse for Abu Dhabi. It has a diverse investment 澳洲幸运5官方开奖结果体彩网:portfolio that spans more than 50 countries and 13 sectors, such as aerospace, semiconductors, renewable energy and utilities, healthcare, and real estate. When the merger was complete, the company’s assets totaled approximately $125 billion, making it the 14th largest sovereign wealth fund in the world.

In the firm's 2022 annual report filing, Mubadala reported $1.015 trillion of assets under management. At the end of 2022, 40% of the firms investments were in the United States.

What Countries Did IPIC Operate in?

IP🉐IC had a global presence and operated in various countries around the world. Its investments span across regions such as Europe, Asia, the Americas, and the Middle East, with🌳 a focus on strategic petroleum assets and markets.

What Was the Purpose or Mission of IPIC?

The purpose of IPIC is to strategically invest in the petroleum sector to generate economic growth and maximize returns for its stakeholders. It aims to contribute to the sustainable development of the energy industry and support the diversification of the UAE's economy.

How Did IPIC Contribute to the Energy Transition and Sustainable Development?

IPIC recognized the importance of sustainable development and aimed to contribute to the energy transition. It would invest in renewable energy projects, explore cleaner technologies, and promote initiatives that align with environmental goals. As part of the new firm, the company notes many specific examples continued today as part of the company's annual report.

The Bottom Line

The International Petroleum Investment Company was a government-owned global investment compa🐭ny based in Abu Dhabi. With a focus on the petroleum industry, IPIC strategically invested in various😼 sectors including exploration and production, refining, petrochemicals, and energy-related infrastructure. In 2016, IPIC merged with the Mubadala Development Company.

Article Sources
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  1. Mubadala Investment Company. "."

  2. Mubadala Investment Company. "."

  3. Mubadala Investment Company. "."

  4. U.S.-U.A.E. Business Council. "," Pages 2-4.

  5. Mubadala Investment Company. "."

  6. Reuters. "."

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