By IANS,
Abu Dhabi : 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.