IPIC signs strategic partnership

The International Petroleum Investment Company (IPIC) based in Abu Dhabi has signed a strategic partnership with Japan’s Cosmo Oil Company last year to acquire 176 million shares, a 20.83% shareholding. Cosmo Oil is a leading Japanese oil refinery and sales conglomerate, listed on the Tokyo Stock Exchange. The National Bank of Abu Dhabi (NBAD) and The Bank of Tokyo-Mitsubishi UFJ Limited (BTMU) concluded a Dh$2.3 billion (US$626 million) syndicated term loan in favor of IPIC to finance the acquisition. NBAD acted as facility agent and BTMU as documentation bank. Khadem Al Qubaisi, managing director of IPIC said “The acquisition forms part of IPIC’s investment diversification plans, mapped out under the supervision of Sheikh Mansour bin Zayed Al Nahyan, minister of Presidential Affairs and chairman of IPIC.” The partnership with a leading global player such as Cosmo Oil will allow both companies to pursue investment opportunities in this rapidly expanding sector, he said. (July 6, 2008)</P>