Mubadala Investment Company’s petroleum and petrochemicals investments amounted to $2.6 billion after a merger with the International Petroleum Investment Company (Ipic), materialised six months, ago, a report quoted a top official.

Mubadala Investment Company was established after the merger of Mubadala Development Company and Ipic, reported Wam, the official Emirates news agency.

The new entity is expected to accelerate Abu Dhabi’s economic diversification as it is active in 13 business sectors in more than 30 countries globally, The Petroleum and Petrochemicals Platform is a core pillar of Mubadala Investment Company, building on Abu Dhabi’s rich heritage in the oil and gas sector through investments in leading companies that operate across the hydrocarbon value chain.

Comparative in scale to some of the larger global integrated oil and gas companies, the primary goal of the Petroleum and Petrochemicals platform is to maximize value, while contributing to the ongoing diversification and internationalisation of the Abu Dhabi economy. The platform accounts for 32.7 per cent of Mubadala’s total assets, estimated at around $127 billion.

“The exploration and production unit at the Petroleum and Petrochemicals platform is producing more than 500,000 bpd in addition to transporting more than 70 per cent of the Middle East region crude oil to European refineries through the Arab Petroleum Pipelines Company, known as SUMED, 15 per cent of which is owned by the company,” Musabbeh Al Kaabi, chief executive officer of Petroleum & Petrochemicals, Mubadala Investment was quoted as saying in the report.

"Mubadala will continue to launch ambitious value-added projects with encouraging investment returns, he said, adding that the company has received an approval from the Vietnamese Government to develop the Ca Rong Do (CRD, or Red Emperor) oil and gas field, offshore Vietnam. It is the first development in the Asian country and will support the growing energy needs of Vietnam, providing crude oil and natural gas,” he added.

The company is developing as well Malaysia's Pegaga Offshore Oilfield, which is expected to start operation by the end of the current year.