Abu Dhabi's IPIC Kazakh project to cost $5 bln

Abu Dhabi government-owned International Petroleum Investment Company (IPIC) plans to develop a petrochemical complex in Kazakhstan. The feasibility study is underway for the project to be built at an investment outlay of US$5 bln. IPIC has plans to increase its investment portfolio to US$20 bln from US$11 bln over the next five years, particularly through deals and projects in the Caspian Sea region. IPIC holds shares in South Korea's Hyundai Oilbank, Spain's Cepsa , Austria's OMV and energy-related companies in Japan, Egypt, Pakistan and Oman.
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