Abu Dhabi's IPIC Kazakh project to cost $5 bln

ABU DHABI, Feb 17 (Reuters) - A petrochemical project that Abu Dhabi government-owned IPIC plans to develop in Kazakhstan will cost at least $5 billion, an IPIC official said on Sunday.

"The feasibility study is on, and the petrochemicals project alone will cost definitely more than 5 to 6 billion U.S. dollars," the senior official of International Petroleum Investment Company told Reuters by telephone.

IPIC has also signed an initial agreement with Kazakhstan to develop chemical and fertiliser projects there, said the official, who declined to be identified.

IPIC said last year it planned to increase its investment portfolio to $20 billion from $11 billion over five years and was eyeing deals in the Caspian Sea region.

IPIC holds shares in South Korea's Hyundai Oilbank, Spain's Cepsa (CEP.MC), Austria's OMV (OMVV.VI) and energy-related companies in Japan, Egypt, Pakistan and Oman. (Reporting by Stanley Carvalho; Editing by Paul Bolding)