Abu Dhabi's IPIC H1 profit soars 15-fold

First-half profit of Abu Dhabi's International Petroleum Investment Co surged more than 15-fold to $2.12 billion on a one-off sale of Barclays instruments, state news agency WAM said on Wednesday.

WAM said IPIC's jump in profit from $136 million in the year-earlier period was due to sales of Barclays convertible instruments. In early June, IPIC made $2.5 million by selling the instruments that were due to convert into Barclays shares by the end of the month.

IPIC invests in oil-related projects for the government of Abu Dhabi, capital of the United Arab Emirates, which is the world's third-largest oil exporter