Abu Dhabi's IPIC has signed a preliminary deal with Germany's BASF unit Wintershall for joint ventures in oil and gas, the company announced on Thursday.
The deal is for joint ventures in oil and gas exploration and production in Iraq, UAE, Oman, Kazakhstan and Algeria and other countries, state news agency WAM reported.
The International Petroleum Investment Company (IPIC) invests in oil and gas projects for the Abu Dhabi government. Abu Dhabi holds most of the UAE's oil reserves.
Teaming up with Wintershsall is part of IPIC's "ambitious future plan to develop exploration and production projects in several parts of the world especially in the Gulf and North Africa and the Caspian," WAM said.
IPIC's investments are valued at more than $12 billion. The company holds shares in Hyundai Oilbank in South Korea, Spain's Cepsa, Borealis and OMV in Austria and Japan's Cosmo.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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