DEFINITION of 'International Petroleum Investment Company - IPIC'
The International Petroleum Investment Company (IPIC) is a government-owned investment organization that manages the sovereign wealth fund for Abu Dhabi, United Arab Emirates. The purpose of the IPIC is to invest internationally within the hydrocarbons industries. According to the IPIC's website, the investment portfolio had approximately $14 billion in assets under management as of 2009.
BREAKING DOWN 'International Petroleum Investment Company - IPIC'
The IPIC invests solely through acquiring major ownership positions in firms. One of its first investments was in 1988 when it acquired a large minority stake in CEPSA, the Spanish refiner. The IPIC is also governed by an eight-member board of directors and is wholly owned by the Government of Abu Dhabi.