Abu Dhabi IPIC overseas investment value

Mar 12, 1997 01:00 AM

Mar. 4, 1997 Abu Dhabi's state-owned International Petroleum Investment Company (IPIC) had overseas investments valued at $ 1.06 bn by the end of last month, an adviser at the company said recently. Its core equity investments -- a 19.56 % interest in Austria's OMV AG and a 9.54 % shareholding in Spain's Compania Espanola de Petroleos (Cepsa) -- were valued at $ 881.9 mm as at February 27, Mike Cunningham, IPIC's senior investment evaluation adviser, told delegates at a conference. "On a conservative basis we assign a value of $ 183.8 mm to our non-publicly listed investments," said Cunningham. These include a 40 % stake in Pak-Arab Refinery Limited (PARCO), which operates a petroleum products pipeline in Pakistan, a 48 % holding in Pakistan fertiliser producer Pak-Arab Fertilisers Limited (PAFCO) and 15 % in the Arab Petroleum Pipelines Company (SUMED). Combined total assets of the five companies reached $ 11.5 billion in 1996 of which IPIC's share was $ 1.8 billion.

Source: not available
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