Abu Dhabi is continuing its policy of diversifying revenue streams by building up a substantial portfolio of overseas investments. The International Petroleum Investment Company (IPIC) and the Abu Dhabi National Energy Company (TAQA) are announcing a raft of investments. According to some local sources, IPIC is set to invest up to $5 billion in a greenfield oil refinery in Pakistan, in a free zone area near Karachi. The proposed refinery is designed to process up to 300,000 barrels per day (bpd). IPIC already has interests in Pakistan with a number of investments including a 40% joint stake in the Pak-Arab Refinery Company with OMV Aktiengesellschaft (OMV) of Austria. Pak-Arab Refinery Company operates a refinery in Multan processing up to 100,000 bpd. IPIC’s also maintains a 20% share of OMV, the Austrian oil and gas group. This stake is estimated to be worth almost $500 million. IPIC, which was established in
