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UAE's IPIC signs MOU to build Kazakh petchem plant

Tue Jan 8, 2008 7:52am EST

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ABU DHABI, Jan 8 (Reuters) - The UAE's IPIC has signed a memorandum of understanding with Kazakh state company KazMunaigas to build a petrochemical complex in western Kazakhstan, IPIC said in a statement on Tuesday.

The International Petroleum Investment Co. (IPIC) invests in oil-related projects for the government of Abu Dhabi, which controls more than 90 percent of the oil reserves of the United Arab Emirates. The UAE is the world's fifth-largest oil exporter.

IPIC gave no further details on the cost of the Kazakh project.

The UAE company said last year it plans to increase its investment portfolio to $20 billion from $11 billion over the next five years and was eyeing deals in the Caspian.

IPIC's holds shares in Korea's Hyundai Oilbank, Spain's Cepsa (CEP.MC), Austria's OMV (OMVV.VI) and several other companies overseas.

(Reporting by Stanley Carvalho)



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