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This strategic investment will ensure IPIC's participation in an LNG mega-project, the PNG LNG project, operated by exxonmobil, in which Oil Search has around a 30% stake. This LNG project is anticipated to be transformational for the PNG economy, and a major driver of the Asia Pacific energy market of the future.
IPIC's Managing Director, HE Khadem Al Qubaisi, said:
"IPIC is particularly proud to have executed this transaction, succeeding where a number of oil majors tried and failed. This is only the second acquisition in which IPIC has used a convertible instrument, and we envisage wider use of such mechanisms in future IPIC investments. We are excited about working with Oil Search, which IPIC considers to be a dynamic and innovative partner; we are very pleased to be participating in the PNG LNG project, which promises to deliver 30 years of clean energy supply to the growing Asia Pacific market; and we are happy to have forged constructive links with the PNG government, which we hope will provide a platform for further Abu Dhabi investments in PNG."
I am pleased to acknowledge the constructive roles played by the Hon. Arthur Somare, PNG Minister for Public Enterprises and Development; Mr. Glenn Blake CBE, Managing Director of IPBC; and Mr. Peter Botten CBE, the Managing Director of Oil Search, in helping this landmark deal become reality".
Posted by Rima Ali Al Mashni
