"Abu Dhabi's International Petroleum Investment Co (IPIC) expects to receive $4 billion in cash for a crude pipeline it built in the Gulf state, enabling it to repay some upcoming debt maturities, it said in an investor call on Monday.
The state-owned company built a crude oil pipeline from Habshan in the west of the United Arab Emirates to its eastern port of Fujairah to bypass the narrow shipping route in the Gulf which Iran has threatened to block as western sanctions on its oil exports tighten.
IPIC undertook the pipeline project and Abu Dhabi National Oil Co's (ADNOC) onshore unit ADCO will be the operator. IPIC is in talks with Abu Dhabi's department of finance and the Supreme Petroleum Council (SPC) on the reimbursement for the spending on the pipeline, senior executives said in the call."
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