Abu Dhabi signs German energy venture

IPIC in preliminary deal with BASF unit Wintershall for joint ventures in oil, gas.
Abu Dhabi signs German energy venture
By Reuters
Thu 26 Jun 2008 04:26 PM

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.

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