IPIC's downstream investments abroad are estimated at $1.35 billion, covering six refineries with a combined production capacity of 642,500 barrels per day, 2,800 marketing outlets, and exploration and production rights in 11 countries.

IPIC has invested in OMV, Austria's largest company and one of the world's leading oil and natural gas groups. The company had a turnover of $7 billion in 2001 and provided employment for 5,600 people. OMV and IPIC own between them 40% of Pak-Arab Refinery Limited in Pakistan.

A third major IPIC investment is in Borealis Group, a major producer of polyethylene and polypropylene. The Borealis Group produces over 3 million tonnes of PE and PP each year, and employs nearly 5,200 people.

In 1998, IPIC paid $500 million to acquire 50% of Hyundai Oilbank Company, South Korea's third largest refiner. And since 1988, the company has held a 9.65% stake in Cepsa Group, a leading Spanish oil company. Cepsa has substantial operations in Algeria and Morocco and employs 9,000 people.