Restis Group, Greece's fifth-largest shipping company, will team up with Abu Dhabi's International Petroleum Investment Company to jointly invest in shipping, energy and transport.
The two companies will create a joint venture with an initial investment of $1.5 billion (Dh5.5bn), Athens-based Restis Group said in an e-mailed statement. The two companies yesterday signed a memorandum of understanding to co-operate in a number of areas, including storage, ship-building, pipelines and ports.
"Through acquisitions and strategic holdings the new consortium aims at creating the first vertically-integrated group that will be active not only in oil extraction and refining but in its transportation," Ipic's Managing Director Khadem A Al Qubaisi said in the statement.
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