INTERNATIONAL PETROLEUM INVESTMENT CO (IPIC)
https://www.mubadala.com/en/who-we-are/our-history
Operational Status
IPIC was merged with Mubadala Investment Company in 2016.[i]
History in Turkmenistan
In 2007, it was reported that OMV Group had partnered with the International Petroleum Investment Company (IPIC) of the United Arab Emirates and Royal Dutch Shell to develop proposals for energy projects in Turkmenistan.[ii]
In July 2010, it was reported that IPIC was interested in becoming the seventh shareholder in the Nabucco Gas Pipeline Project. IPIC has a 20% stake in OMV, one of the current shareholders in the Nabucco project.[iii] The project failed in June 2013, see the RWE dossier for more information on the Nabucco pipeline.
In November 2010, the Energy Minister for the United Arab Emirates spoke to the 15th Turkmenistan International OI land Gas Conference, saying “We are following with interest the positive contribution of the UAE companies to the development of Turkmenistan and in particular the role of Mubadala and its partners ConocoPhillips, the International Petroleum Investment Company, Dragon Oil and its project to produce 75000 barrels of oil per day from Turkmenistan, Petrofac and Gulf Oil and Gas are also active in the oil and gas industry here.”[iv]
According to a January 2011 report, “IPIC and Shell are planning E&P ventures as well as a $500m urea plant in Turkmenistan to produce 1m t/y.”[v]
————————————————————————————————————————-
[i] Chen, James. Investopedia, “International Petroleum Investment Company (IPIC),” https://www.investopedia.com/terms/i/international-petroleum-investment-company.asp, March 10, 2021. Accessed January 13, 2022.
[ii] Energy-pedia News, August 2, 2007. http://www.energy-pedia.com/news/turkmenistan/ipic–shell-and-omv-to-consider-joint-exploration. Original weblink no longer active.
[iii] Ordons News Team, July 4, 2010. http://www.ordons.com/asia/middle-east/5805-international-petroleum-investment-co-of-abu-dhabi-may-join-nabucco-pipeline-consortium.html. Original weblink no longer active.
[iv] Guld News Report, “UAE to cooperate with Turkmenistan,” November 19, 2010, https://gulfnews.com/business/uae-to-cooperate-with-turkmenistan-1.714243. Accessed February 18, 2022.
[v] APS review downstream trends, January 17, 2011.