International Petroleum Investment Company

The UAE-based International Petroleum Investment Company (IPIC)International Petroleum Investment Company (IPIC) is an investment company with interests in the oil and gas, petrochemical and energy industries.

IPICIPIC provides oil and gas exploration through its subsidiary, Cepsa EgyptCepsa Egypt. The company manufactures petrochemicals, through two subsidiaries: the Austria-based Borealis and the Abu Dhabi National Chemicals CompanyAbu Dhabi National Chemicals Company (ChemaWEyaatChemaWEyaat), which is undertaking the AED73.5 billion (USD20 billion) Chemicals Industrial City. Through its Pakistan-based subsidiary, Pak Arab Refinery (PARCO), IPICIPIC refines 100,000 barrels of crude oil per day, as of 2011.

IPICIPIC sold its majority share (70%) in the Germany-based Ferrostaal, in November 2011, to the German company MAN for AED1.7 billion (USD464 million).

ChemaWEyaatChemaWEyaat plans to build Chemicals Industrial City in the Western Region of Abu Dhabi, Al Gharbia. The project value is estimated at AED73.5 billion (USD20 billion). Upon completion in 2015, the project will include an export sea port, sea water intake and outfall, and storage terminal.