ABU DHABI, United Arab Emirates, Aug. 20 (UPI) -- Abu Dhabi's International Petroleum Investment Co. will team up with the Abu Dhabi National Oil Co. on infrastructure development, officials said.
The joint measure would mark the first for the oil investment arm of the Abu Dhabi government. It had left domestic investment to ADNOC, putting its efforts instead into downstream activity, Abu Dhabi newspaper The National said.
The move follows an announcement from German oil company Wintershall that it would join the investment arm, IPIC, in oil and gas exploration in Abu Dhabi.
Bernhard Schmidt with Wintershall said his firm sought to shore up its assets in the Middle East and Central Asia. Wintershall in July said it would form a $1 billion partnership with the Kazakh government to exploit resources in the region.
For its part, IPIC plans to build a land pipeline in the United Arab Emirates to bypass the Strait of Hormuz.
