The board of directors of International Petroleum Investment Company, IPIC, today announced record profits during 2007 reached $1.2 billions (AED4.4 billions) posting a growth of 48% over the year 2006 profits.
The Abu Dhabi-owned company also approved plans for a new refinery project in Pakistan with a capacity of 250000 barrels per day. The refinery is the company's second largest project after the $5-billion Parco Refinery (or Pak -Arab Refinery) in Pakistan.
Parco will have a capacity to refine 102.7 million barrels of crude oil per annum. IPIC will hold 74 percent while the Pakistan government will own 26 percent stake in the project.
IPIC which is responsible for all foreign investments in the oil and chemicals sector said it is considering the awarding of the Project Management Consultancy (PMC) services contract for the new refinery.
IPIC's board made the announcements at a meeting chaired by H.H Sheikh Mansour bin Zayed Al Nahyan, Chairman of the board and Minister of Presidential Affairs.
IPIC also approved Al-Jarf Al-Asfar refining project in Morocco and work in underway to establish a company with competent Moroccan authorities.
/WAM/
The Abu Dhabi-owned company also approved plans for a new refinery project in Pakistan with a capacity of 250000 barrels per day. The refinery is the company's second largest project after the $5-billion Parco Refinery (or Pak -Arab Refinery) in Pakistan.
Parco will have a capacity to refine 102.7 million barrels of crude oil per annum. IPIC will hold 74 percent while the Pakistan government will own 26 percent stake in the project.
IPIC which is responsible for all foreign investments in the oil and chemicals sector said it is considering the awarding of the Project Management Consultancy (PMC) services contract for the new refinery.
IPIC's board made the announcements at a meeting chaired by H.H Sheikh Mansour bin Zayed Al Nahyan, Chairman of the board and Minister of Presidential Affairs.
IPIC also approved Al-Jarf Al-Asfar refining project in Morocco and work in underway to establish a company with competent Moroccan authorities.
/WAM/
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