International Petroleum Investment Company (Ipic), a wholly owned company of the Abu Dhabi government, has made early repayment of Dh1.89 billion of existing debt by making prepayments of two of its outstanding facilities both of which were maturing in 2013.
"Ipic continues to generate significant income from its investments and, following the prudent guidelines of its board of directors, has used part of its excess liquidity to retire a portion of its outstanding liabilities.
"Ipic will continue to focus on the success of its business and will proactively manage its balance sheet accordingly," Ipic's managing director Khadim Al Qubaisi said in a statement.
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