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IPIC targets $40 bln global investment

Abu Dhabi government-owned International Petroleum Investment Co (IPIC) aims to double its international investment portfolio to $40 billion in the next five years, it said on Thursday.

IPIC said last year it was planning to increase its investment portfolio to $20 billion from $11 billion over five years, but its Managing Director Khadem Al Qubaisi said it had already reached $14 billion last year. “IPIC plans to increase its international investments to $40 billion in the next five years. This number is double our previous estimates of $20 billion that we are so close to reaching,” Al 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,” Al Qubaisi said.