DUBAI // Abu Dhabi government-owned International Petroleum Investment Co (IPIC) aims to double its international investment portfolio to US$40 billion (Dh147bn) in the next five years, it announced today. IPIC said last year it was planning to increase its investment portfolio to $20bn from $11bn over five years, but its Khadem alQubaisi, the managing director, said it had already reached $14bn last year.
"IPIC plans to increase its international investments to $40bn in the next five years. This number is double our previous estimates of $20bn that we are so close to reaching," Mr Qubaisi said. He said IPIC was planning to expand its operations into new areas as well as expanding its investments in the international oil and gas sector. He did not give details. "We have ambitious plans for the near future. When we decide and take a final decision, we will announce that," Mr Qubaisi said.
IPIC invests in oil-related projects for the government of Abu Dhabi, which is the world's fifth-largest oil exporter. Abu Dhabi controls more than 90 per cent of the oil reserves of the UAE. IPIC has stakes in several international oil and gas companies and has been expanding rapidly. * Reuters
