Abu Dhabi – Mubasher: International Petroleum Investment Company (IPIC) posted a 7.7% decline year-on-year in its operating profits during the first half of 2016, according to a statement.
Operating profits reached $1.43 billion in H1-16, compared to $1.55 billion in the same period of 2015.
“IPIC’s robust operating performance for the first half of 2016 reflects our sound corporate strategy in a challenging global environment for the oil and gas industry,” according to Suhail Mohamed Faraj Al Mazrouei, UAE energy minister and IPIC managing director.
The company reported total revenues of $16.09 billion in H1-16, compared to $18.67 billion in the prior-year period.
