• 4 minutes Trump will meet with executives in the energy industry to discuss the impact of COVID-19
  • 8 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 11 minutes Why Trump Is Right to Re-Open the Economy
  • 13 minutes Its going to be an oil bloodbath
  • 3 hours Ten days ago Trump sent New York Hydroxychloroquine. Being administered to infected. Covid deaths dropped last few days. Fewer on ventilators. Hydroxychloroquine "Cause and Effect" ?
  • 7 hours US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 1 hour Russia's Rosneft Oil is screwed if they have to shut down production as a result of glut.
  • 12 hours Mr
  • 21 hours While China was covering up Covid-19 it went on an international buying spree for ventilators and masks. From Jan 7th until the end of February China bought 2.2 Billion masks !
  • 10 hours Free market or Freeloading off the work of others?
  • 45 mins ‘If it saves a life’: Power cut to 1.5 million Californians
  • 1 day How to Create a Pandemic
  • 23 hours What If ‘We’d Adopted A More Conventional Response To This Epidemic?’
  • 11 hours Marine based energy generation
  • 10 hours China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 1 day Apple to Bypass Internet and Beam Directly to Phones

Breaking News:

WTI Slides On Huge Crude Inventory Build

Abu Dhabi's IPIC Reports a 96% Drop in Net Profit in 2011

Abu Dhabi's IPIC Reports a 96% Drop in Net Profit in 2011

In 2010 Abu Dhabi’s International Petroleum Investment Company (IPIC) made a net profit of $1.3 billion. IPIC has recently reported that in 2011 their net profit was $44.7 million; a drop of 96%.

Khadem al Qubaisi, the managing director at IPIC, has tried to justify the catastrophic fall in profit by suggesting that the “results for 2011 in comparison to 2010 were subject to both market and economic volatility which continues today. The impact of euro/dollar exchange rates on the value of IPIC's euro-denominated assets, in addition to changes in our mark-to-market listed investments, pared the strong performance of our core underlying operations.”

IPIC is involved with a number of European companies, such as Daimler, UniCredit, Cespa of Spain, and OMV of Austria.

At the end of 2011 total assets stood at $65.3 billion, total debts at $35.8 billion, and total revenues at $34.5 billion. Although IPIC have not released full financial statements for further scrutiny, so it is unknown exactly how their $34.5 billion revenues transferred to just $44.7 million profit.

By. Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage




Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News