UAE Ipic, Spanish Cepsa sign USD4.4b deal

19 Mar 2011

(MENAFN) International Petroleum Investment Company (Ipic)’s managing director, Khadem al Qubaisi, stated that the company would buy Spain-based Compania Espanola de Petroleos (Cepsa) in a USD4.4 billion deal, reported The National.

Al Qubaisi added that the Abu Dhabi Government’s strategic energy investment enterprise raised the amount from a bond sale. He also said that the deal is a step towards expanding Ipic’s petrochemicals and oil refining network in Europe.

The director pointed out that the deal had a global positive reception, as 350
Investors, around 175 of whom were dealing with Ipic for the first time, gave orders worth USD12 billion.

It is worth noting that Ipic is an investment company established by the Government of the Emirate of Abu Dhabi. Its mandate is to invest globally in energy and energy-related industries. The Government owns 100 percent of IPIC and appoints all the members of its board of directors.

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