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Abu Dhabi’s International Petroleum Investment Company (IPIC) has announced that it will partner with Restis Group, Greece’s fifth-largest shipping company, to co-invest in shipping, energy and transport.
The non-binding Memorandum of Understanding (MOU) signed on February 23, 2009 between the two companies envisages joint co-operation in a number of areas, including storage, ship-building, pipelines and ports.
It is anticipated that opportunities determined to be attractive by both parties, once identified, will be targeted for joint venture investment between IPIC and GEMC, a wholly-owned subsidiary of the Restis Group. Adding value to the Abu Dhabi economy will be a key theme in determining which opportunities are selected for investment.
IPIC’s Managing Director, Khadem A Al Qubaisi said at the signing ceremony: ’This is an exciting opportunity to combine IPIC’s financial power and existing marine sector presence with the proven shipping sector expertise of Victor Restis and his team. We see significant synergistic potential for IPIC’s existing portfolio, and associated benefits for Abu Dhabi’s domestic economy, resulting from this partnership’.
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