The International Petroleum Investment Company (IPIC) posted $ 699 million (AED 2.5 billion) net profits in 2006. The company's profits during 2007 are projected to reach $ 800 million (AED 2.9 billion).
This came during the meeting of the company's Board of Directors, held today under the chairmanship of Sheikh Mansour bin Zayed Al Nahyan, minister of presidential affairs.
Sheikh Mansour expressed gratitude to the unlimited support given to the company by His Highness Sheikh Khalifa bin Zayed Al Nahyan, UAE President & Chairman of the Abu Dhabi's Supreme Petroleum Council, and by General Sheikh Mohammed bin Zayed Al Nahyan, crown prince of Abu Dhabi, deputy supreme commander of the UAE Armed Forces & Deputy Chairman of the SPC.
The board members expressed their satisfaction over the company's performance, thanks to the support of its Chairman Sheikh Mansour bin Zayed Al Nahyan.
Sheikh Mansour was also thanked for approving designs of the company's headquarters in Abu Dhabi. Work on the 35-storey complex will start later this year. It is scheduled for completion in 2010.
The meeting also reviewed progress of IPIC's ongoing projects, including the Habshan-Fujairah 360-kilometer crude export pipeline. Once completed, the pipeline will be used to transport 1.5 million barrels per day of crude oil from Abu Dhabi to the Fujairah for export.
Recently, IPIC awarded contracts worth $460 million to Sumitomo Corporation of Japan, Salzgitter Mannesmann International of Germany and Jindal Group of India to supply pipes for the project.
The first delivery of the pipe, which will have a 48-inch diameter, is expected in July 2008.
The board also discussed the company's projects to build a 250,000 bpd oil refinery in Pakistan and a 200,000 bpd refinery in Morocco.
Also discussed was the company's planned acquisition of stakes in international companies operating in power, oil services and oil exploration fields.
Since its establishment in 1984, IPIC's portfolio has witnessed a tremendous growth to reach $12.4 billion (AED 40 billion). It has investments in Asia, Middle East and Europe.
The company has interests in a number of refineries around the world with a total refining capacity of more than 2 million bpd and 400,000 of derivatives. It also has petrochemical plants with a total annual output of 4.5 million tons, plus 14,000 fuel stations all over the world. (WAM)
This came during the meeting of the company's Board of Directors, held today under the chairmanship of Sheikh Mansour bin Zayed Al Nahyan, minister of presidential affairs.
Sheikh Mansour expressed gratitude to the unlimited support given to the company by His Highness Sheikh Khalifa bin Zayed Al Nahyan, UAE President & Chairman of the Abu Dhabi's Supreme Petroleum Council, and by General Sheikh Mohammed bin Zayed Al Nahyan, crown prince of Abu Dhabi, deputy supreme commander of the UAE Armed Forces & Deputy Chairman of the SPC.
The board members expressed their satisfaction over the company's performance, thanks to the support of its Chairman Sheikh Mansour bin Zayed Al Nahyan.
Sheikh Mansour was also thanked for approving designs of the company's headquarters in Abu Dhabi. Work on the 35-storey complex will start later this year. It is scheduled for completion in 2010.
The meeting also reviewed progress of IPIC's ongoing projects, including the Habshan-Fujairah 360-kilometer crude export pipeline. Once completed, the pipeline will be used to transport 1.5 million barrels per day of crude oil from Abu Dhabi to the Fujairah for export.
Recently, IPIC awarded contracts worth $460 million to Sumitomo Corporation of Japan, Salzgitter Mannesmann International of Germany and Jindal Group of India to supply pipes for the project.
The first delivery of the pipe, which will have a 48-inch diameter, is expected in July 2008.
The board also discussed the company's projects to build a 250,000 bpd oil refinery in Pakistan and a 200,000 bpd refinery in Morocco.
Also discussed was the company's planned acquisition of stakes in international companies operating in power, oil services and oil exploration fields.
Since its establishment in 1984, IPIC's portfolio has witnessed a tremendous growth to reach $12.4 billion (AED 40 billion). It has investments in Asia, Middle East and Europe.
The company has interests in a number of refineries around the world with a total refining capacity of more than 2 million bpd and 400,000 of derivatives. It also has petrochemical plants with a total annual output of 4.5 million tons, plus 14,000 fuel stations all over the world. (WAM)
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