The International Petroleum Investment Company was established by the Government of Abu Dhabi pursuant to an Emirati Decree in 1984 with a mandate to invest globally in energy and energy related industries. The Government owns 100 percent of IPIC and appoints all the members of its board of directors. Over its history, IPIC has been supported by equity contributions from the Government of Abu Dhabi. The Chairman of IPIC's board of directors is Sheikh Mansour bin Zayed al Nahyan, a member of the ruling family of Abu Dhabi, the Deputy Prime Minister of the United Arab Emirates and the UAE Minister of Presidential Affairs. The Managing Director of IPIC is Suhail al Mazrouei.
Description
IPIC is a long term strategic investor and it holds more than 18 investments in over 10 countries and on five different continents. Its investment portfolio includes:
one wholly owned operating company, being Nova Chemicals, a leading North American plastics and chemicals company based in Canada
two majority owned operating companies, being Borealis, one of the world's largest polyolefin producers and Aabar, a diversified investment company; and
In addition, IPIC is undertaking the following strategic projects:
the multibillion-dollar ChemaWEyaat project at Madeenat ChemaWEyaat Al Gharbia, which is expected to comprise a series of world class petrochemicals complexes with access to Abu Dhabi's gas and liquid petroleum feedstocks. The first phase of this project is expected to be completed in 2015 and it is expected to be the world's largest single site petrochemicals facility, comprising an aromatics complex, including a naptha reformer, paraxylene and benzene units;
ADCOP, a 400 kilometre pipeline project which connects Abu Dhabi's key onshore oil fields to an export terminal located in the Emirate of Fujairah on the Indian Ocean. The pipeline is intended to help mitigate the risk of a suspension of Abu Dhabi's crude oil exports in the event of a closure of, or a disruption to, the Strait of Hormuz and is expected to provide increased capacity in the export of Abu Dhabi's crude oil. The pipeline became operational in June 2012 with a capacity of 1.5 million barrels per day. IPIC intends to gradually raise the pipeline's capacity to 1.8 million barrels per day;
the continuing expansion of the Borouge project to bring advanced technology and expertise into Abu Dhabi to strengthen and develop Abu Dhabi's industrial base and hydrocarbon and petrochemicals industries;
the multibillion-dollar Fujairah Refinery project in the Emirate of Fujairah, which will process UAE crude oil, such as Murban and Upper Zakum;
the Duqm refinery and petrochemicals project, a 50/50 joint venture with Oman Oil Company S.A.O.C., involving the development of a new oil refinery situated on Oman’s east coast in Duqm.
Company history
Principal events during IPIC's history include: According to a Wall Street Journal report, IPIC had set up its subsidiary companies to send the 1MDB money to conspirators. Sheikh Mansour bin Zayed Al Nahyan was the chairman of IPIC when the company agreed to support 1MDB. After the scandal came into light and the managing director Khadem al-Qubaisi was arrested in 2016, IPIC was converted into another UAE fund. International Petroleum Investment Company merged with the Mubadala Development Company in 2017 to create the Mubadala Investment Company.
