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Tue 19 Jan 2010 06:59 AM

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IPIC portfolio worth $31.5bn, up $8bn in a year

Investment company says it is looking at new opportunities, announcement soon.

Abu Dhabi-based International Petroleum Investment Company (IPIC) has announced that the value of its portfolio of assets rose in the first half of 2009 to $31.5bn, up more than $8bn on the same period the previous year.

IPIC also announced record profits for the first half of 2009, rising to $2.1bn from $136m for the corresponding period in 2008.

The company attributed the surge in profits to the sale of bonds and convertible shares to Barclays Bank at a total value of about $2bn, news agency WAM reported.

The board of the company also examined a number of new investment opportunities which it said would be announced in the near future.

IPIC is wholly owned by the Government of Abu Dhabi. The company holds a 71 percent stake in Aabar, which posted $1.7 billion profits in the first half of 2009.

It also holds between 10 and 70 percent stakes in international companies, including Hyundai Oil Bank in Korea, Borealis and OMV of Austria, PARCO in Pakistan, CEPSA in Spain and COSMO Oil in Japan.

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