has multiple issues . please help improve it or discuss these issues on the talk page . learn how and when to remove these template messages this article needs additional citations for verification . please help improve this article by adding citations to reliable sources . unsourced material may be challenged and removed . february 2014 learn how and when to remove this template message this section appears to contain a large number of buzzwords . specific concerns may be found on the talk page . please help improve this section if you can . may 2013 learn how and when to remove this template message international petroleum investment company ipic type government owned founded 1984 founder government of abu dhabi headquarters abu dhabi uae key people sheikh mansour bin zayed al nahyan chairman mohamed bin dhaen alhamli deputy chairman suhail mohamed faraj al mazrouei member and managing director khalifa mohamed al kindi member hamad al hurr al suwaidi member nasser ahmed khalifa alsowaidi member eissa mohamed ghanem al suwaidi member website www.ipic.ae the international petroleum investment company ipic was established by the government of abu dhabi pursuant to an emiri decree in 1984 with a mandate to invest globally in energy and energy related industries . the government owns 100 per cent 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 uae and the uae minister of presidential affairs . the managing director of ipic is suhail al mazrouei . 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 two wholly owned operating companies being nova chemicals a leading north american plastics and chemicals company based in canada and cepsa a leading spanish integrated oil and petrochemicals company ; two majority owned operating companies being borealis one of the world s largest polyolefin producers and aabar a diversified investment company ; and minority stakes in cosmo oil a leading japanese refining and marketing company and omv a leading austrian integrated oil and gas company with a presence throughout central and eastern europe . 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 outside the persian gulf . 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 a joint venture in which ipic s subsidiary borealis has a 40.0 per cent . stake 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 emirates liquefied natural gas project elng a 50 50 joint venture with mubadala oil and gas a business unit of mubadala involving the development of a new lng regasification facility on the uae s east coast in fujairah ; and the duqm refinery and petrochemicals project the duqm refinery 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 . contents 1 company history 2 board of directors 3 references 4 external links company history edit principal events during ipic s history include 1984 the government established ipic pursuant to emiri decree no. 3 of 1984 . ownership of ipic was initially divided equally between adia and adnoc each wholly owned by the government . 1986 the government assumed direct and full ownership of ipic pursuant to emiri decree no. 2 of 1986 . 1988 ipic made its first investment by acquiring an initial 9.6 per cent . stake now 100 per cent . in cepsa . 1994 sheikh mansour bin zayed al nahyan became chairman of ipic . ipic acquired a 19.6 per cent . stake now 24.9 per cent . in omv . 1995 adnoc at the direction of the government contributed to ipic its shareholdings in parco a pakistan based oil refinery and pipeline company sumed a joint venture that operates pipelines running across egypt from the gulf of suez to the mediterranean sea and pak arab fertilisers ltd. 1998 ipic acquired a 25.0 per cent . stake in borealis now 64.0 per cent . . 1999 ipic acquired a 50.0 per cent . stake in hyundai oilbank increased to 70.0 per cent . prior to disposal a leading oil refining and marketing company in south korea . 2004 ipic acquired a 30.0 per cent . stake in gem a leading commercial product tanker company in the middle east . 2006 the government approved the construction of adcop by ipic . 2007 khadem abdulla al qubaisi a former senior executive at adia who joined ipic in 2000 became ipic s managing director . ipic acquired a 20.8 per cent . stake in cosmo oil . 2008 chemaweyaat was established by emiri decree on 26 november 2008 with three government owned shareholders being ipic 40.0 per cent . the council 40.0 per cent . and adnoc 20.0 per cent . . ipic acquired a 4.1 per cent . stake in edp portugal s leading electricity company . 2009 ipic acquired 100 per cent . of nova chemicals . ipic acquired a 71.2 per cent . stake now 95.3 per cent . in aabar . ipic subscribed for the ipbc bond which at maturity and in certain other circumstances is exchangeable into an approximately 14.8 per cent . stake in oil search a company engaged in the exploration production development and sale of gas and liquid hydrocarbons in the asia pacific and mena regions . ipic acquired certain financial instruments in barclays for a total consideration of approximately us 5.0 billion in 2008 which were disposed of in 2009 for proceeds of us 7.1 billion . ipic received its inaugural ratings from fitch moody s and s & p. 2010 ipic sold its investment in hyundai oilbank for net proceeds of approximately krw 2 314 billion us 1 950 million . ipic established the programme . 2011 ipic fulfilled its commitment to subscribe for the remaining mandatory convertible bonds in aabar and converted those bonds into equity increasing its stake from 86.2 per cent . to 93.1 per cent . in addition ipic purchased shares of aabar in the open market which further increased its stake from 93.1 per cent . to 95.3 per cent . now 95.47 per cent . . in addition ipic purchased shares of aabar in the open market which further increased its stake from 93.1 per cent . to 95.3 per cent . now 95.47 per cent . . ipic increased its stake in cepsa to 100 per cent . ipic increased its stake in cepsa to 100 per cent . ipic increased its stake in omv to 24.9 per cent . 2012 ipic agreed to re transfer and man se agreed to purchase ipic s 70.0 per cent . share in ferrostaal ag for 350 million . ipic takes a 50 50 stake along with mubadala in emirates lng elng . 2016 in june they announced that they would be merging with mubadala development company . 1 2 3 ipic acquires the remaining 50 % stake in elng making it the sole owner of the company . board of directors edit ipic is governed by an eight member board of directors which is chaired by sheikh mansour bin zayed al nahyan a member of the ruling family of abu dhabi the deputy prime minister of the uae and the uae minister of presidential affairs . other members of ipic s board of directors include senior officials of the government of abu dhabi and the government of the uae and board members of other significant government controlled companies and institutions . as of 1 may 2013 update the composition of ipic s board of directors was sheikh mansour bin zayed al nahyan chairman mohamed bin dhaen alhamli deputy chairman suhail mohamed faraj al mazrouei member and managing director khalifa mohamed al kindi member hamad al hurr al suwaidi member nasser ahmed khalifa alsowaidi member eissa mohamed ghanem al suwaidi member references edit fast ft . next.ft.com . 29 june 2016 . retrieved 7 july 2016 . french david ; tolba ahmed ; aboudi sam 29 june 2016 . abu dhabi government orders merging of mubadala and ipic state news agency . reuters . retrieved 7 july 2016 . kerr simeon 29 june 2016 . abu dhabi to merge sovereign wealth funds ipic and mubadala . retrieved 7 july 2016 . external links edit official website official instagram page retrieved from https en.wikipedia.org w index.php title international petroleum investment company & oldid 744597740 categories oil and gas companies of the united arab emiratesgovernment owned companies of the united arab emirates1984 establishmentscompanies based in abu dhabihidden categories articles needing additional references from february 2014all articles needing additional referenceswikipedia articles containing buzzwords from may 2013articles containing potentially dated statements from may 2013all articles containing potentially dated statements navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages deutschespa ol edit links this page was last modified on 16 october 2016 at 08 14 . text is available under the creative commons attribution sharealike license ; additional terms may apply . by using this site you agree to the terms of use and privacy policy . wikipedia is a registered trademark of the wikimedia foundation inc. a non profit organization . privacy policy about wikipedia disclaimers contact wikipedia developers cookie statement mobile view