International Petroleum Investment Company announces $1.2 bn profit

June 5th, 2008 - 11:12 am ICT by IANS  

Abu Dhabi, June 5 (IANS) The United Arab Emirates-based International Petroleum Investment Company (IPIC) has announced a $1.2 billion profit in the year 2007, WAM news agency reported Thursday. The company, which is owned by the emirate of Abu Dhabi, also announced plans for a new refinery project in Pakistan with a capacity of 250,000 barrels per day. The refinery is IPIC’s second largest project after the $5-billion Parco refinery in Pakistan.

The Parco refinery would have a refining capacity of 102.7 million barrels of crude oil per annum. IPIC would hold 74 percent in the project while the Pakistan government would hold a 26 percent stake.

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