Euromoney 40th anniversary special: Focus on Ipic
Abu Dhabi’s International Petroleum Investment Company has ballooned this year, having spotted opportunities amid the global crash. Ipic was created in 1984 to help secure Abu Dhabi’s oil markets. Its chairman is Sheikh Mansour Al Nahyan, the brother of Abu Dhabi’s crown prince. Its investment in Barclays last year was outside its mandate, and Ipic sold down half its investment for a profit in June.
The purchase of Canadian petrochemicals company Nova for $2.3 billion this February is more indicative of its direction. The declining market for Nova’s products had hit its stocks and bonds. There were worries about its ability to meet debt obligations.
"We can provide stability and allow Nova Chemicals to meets its operational and financial requirements while continuing to expand and invest in its business," Khadem Abdulla Al Qubaisi, Ipic’s chief executive, said in a statement.