Abu Dhabi-Mubasher: International Petroleum Investment Company (IPIC) suffered net losses of $2.6 billion in 2015, against profits of $1.5 billion in 2014
IPIC’s losses reflect the impact of low oil prices on the “wealthy emirate's finances”, according to a statement.
Oil price decline caused IPIC to take pre-tax impairment losses of $5.2 billion on its oil and gas assets in 2015, as well as further impairments of $2.9 billion on downstream operations.
Falling oil prices cut the fund’s revenues by 30% last year to $35.8 billion.
