IPIC was founded in 1984 by The Late HH Sheikh Zayed Bin Sultan Al-Nahyan, the founder and father of the UAE, to advance his vision of using Abu Dhabi’s natural petroleum wealth to build a modern, diversified economy for the benefit of future generations.
Scroll down through the timeline below and see how IPIC began, consolidated its early investments and then embarked on a rapid strategy of growth, initially in the oil industry and latterly by diversifying successfully into a wider range of opportunities across the globe.
IPIC is founded in Abu Dhabi by The Late HH Sheikh Zayed Bin Sultan Al-Nahyan, founder and first President of the United Arab Emirates, in association with ADNOC and ADIA. The aim is to advance Sheikh Zayed’s vision of using Abu Dhabi’s natural petroleum wealth to build a modern, diversified economy for the benefit of future generations.
Acquires a 24.9% stake in OMV, the integrated international oil and gas business and Austria’s largest listed industrial company. This provides access to refining knowledge and technology, greater exposure to the hydrocarbon value chain and a platform to expand into Central and Eastern European end markets.
Purchases a stake in the Arab Petroleum Pipelines Company, known as SUMED, a joint venture formed in 1977 between Egyptian General Petroleum, Saudi Arabian Oil Company, Qatar Petroleum and other investors. SUMED owns and operates two parallel 42-inch oil pipelines that run for 320 km across Egypt from the Gulf of Suez to the Mediterranean.
HH Sheikh Mansour bin Zayed Al Nahyan becomes Chairman of IPIC.
IPIC forms GEM as a joint venture with Emirates National Oil Company, Oman Oil and Thales. GEM invests in and manages modern, state-of-the-art double-hull tankers designed to carry petroleum products, chemicals and other hydrocarbons.
Acquires a 20.8% stake in Cosmo Oil, one of Japan’s largest oil refining and marketing companies, which engages in crude oil exploration and production primarily in the UAE and Qatar, produces and sells petrochemical products, operates four refineries in Japan and markets its products domestically through 3,500 petrol stations, as well as overseas.
Buys an initial stake in Aabar Investments PJS, a diversified investment company with holdings in various sectors including infrastructure, aviation, real estate, automotive, commodities and financial services.
Acquires 36% stake in the MENA region of Oasis International Power LLC, which engages in the development, ownership, operation and maintenance of independent water and power plants, renewable energy and environmental projects in the MENA region.
Increases ownership of CEPSA to 100%.
Completes the Abu Dhabi Crude Oil Pipeline (ADCOP), a strategically important project that will allow Abu Dhabi to export crude oil directly from Fujairah and reduce the reliance on Arabian Gulf oil terminals.
Establishes Emirates LNG, a 50:50 joint venture between IPIC and Mubadala Petroleum for the development of a new LNG regasification facility on the UAE’s east coast in Fujairah.
CEPSA, the integrated Spanish energy company established in 1929, is the first acquisition.
Creates joint venture between the Government of Pakistan (60%) and IPIC (40%) to form PARCO, a fully integrated energy company whose major activities are oil refining, oil and products pipeline, and storage.
Acquires a majority 64% stake in Borealis, one of the largest polyolefin producers in the world. Its core business revolves around the production of polyethylene (PE) and polypropylene (PP). Creates the petrochemicals subsidiary Borouge in Abu Dhabi as a joint venture with ADNOC in the same year.
Takes a stake in Hyundai Oil Bank, which is held until 2010.
Buys a 20% stake in Oman Polypropylene (OPP), a subsidiary of Oman Oil Company, and holds it until 2010.
Acquires a stake in Energias de Portugal (EDP), a vertically integrated electric power company and a leading generator, distributor and supplier of electricity in Portugal.
Acquires 100% of NOVA Chemicals Corporation, a petrochemicals company founded in Canada in 1954. NOVA Chemicals’ businesses and joint ventures focus on olefins/polyolefins (ethylene and polyethylene), chemical and energy co-products, expandable polystyrene, and performance styrenic polymers.
Acquires five-year exchangeable bonds in Oil Search Ltd, which may convert to an equity stake in the company in March 2014. Oil Search is an oil and gas exploration and development company operating in Papua New Guinea since 1929. It is PNG's largest oil and gas producer.
Starts work on the Fujairah Refinery Project, a strategic UAE Government initiative through IPIC to construct, operate and maintain a grassroots refinery complex in the Emirate of Fujairah, close to the new ADCOP pipeline and oil terminal.
Created a new 50:50 joint venture company, the Duqm Refinery and Petrochemical Industries Company, owned by IPIC and OOC. The new company will construct, operate and maintain a refinery complex.
Moves into new HQ building, IPIC Square.