IPIC posted lower 2010 profits

IPIC (The International Petroleum Investment Company) revealed in recently disclosed financial statements that the Abu Dhabi government-backed corporation posted a 65% decrease in profits over 2009.  Overall profits were put at $1.35 billion, with assets listed at $48 billion.  The numbers were made public due to a dispute with one of their more recent acquisitions, German corporation Ferrostaal about certain contractual obligations.

IPIC also claimed that the lower profits are due to a one-time deal with English bank Barclays, which it bailed out in 2009 and then regained $2.2 billion.  This inflated the year’s numbers when compared with 2010’s.  They also blamed rising expenditures for the decrease.  However, IPIC continues to flourish in a struggling economic climate, and has spent billions on stakes in many international projects.  2011 profits could be stronger as a result.

 



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IPIC (The International Petroleum Investment Company) revealed in recently disclosed financial statements that the Abu Dhabi government-backed corporation posted a 65% decrease in profits over 2009.  Overall profits were put at $1.35 billion, with assets listed at $48 billion.  The numbers were made public due to a dispute with one of their more recent acquisitions, German corporation Ferrostaal about certain contractual obligations. IPIC also claimed that the lower profits are due to a one-time deal with English bank Barclays, which it bailed out in 2009 and then regained $2.2 billion.  This inflated the year’s numbers when compared with 2010’s.  They...

IPIC (The International Petroleum Investment Company) revealed in recently disclosed financial statements that the Abu Dhabi government-backed corporation posted a 65% decrease in profits over 2009.  Overall profits were put at $1.35 billion, with assets listed at $48 billion.  The numbers were made public due to a dispute with one of their more recent acquisitions, German corporation Ferrostaal about certain contractual obligations.

IPIC also claimed that the lower profits are due to a one-time deal with English bank Barclays, which it bailed out in 2009 and then regained $2.2 billion.  This inflated the year’s numbers when compared with 2010’s.  They also blamed rising expenditures for the decrease.  However, IPIC continues to flourish in a struggling economic climate, and has spent billions on stakes in many international projects.  2011 profits could be stronger as a result.

 



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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