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At least in the distant past the Red planet had a liquid bodies of water
![]() It is expected to become more than twice the size of Russia’s Reserve Fund. ![]() 07.Sep.16 10:55 AM By Alesya Davydova Photo Toinnov.com |
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Two major Abu Dhabi sovereign funds - International Petroleum Investment Co. (IPIC) and Mubadala Development Company PJSC – have agreed to create an alliance. It is expected that its assets may reach approximately US$125 billion, Oilprice.com reports. The decision of two largest funds became a reaction to the slumping oil prices in the global market: the price of Brent crude has fallen below US$50 per barrel, though around two years ago it cost approximately US$110 a barrel. The newly created fund would hold a debt of around US$42 billion yet its assets would be more than twice the size of Russia’s Reserve Fund. It is also expected that the alliance will produce more oil than Libya, which last month reached a bit over 207,000 barrels per day. IPIC’s investments are mainly focused on the energy sector around the world. The fund was involved in Spanish, Japanese and Austrian energy business. Mubadala Development Company has an oil and gas exploration and production firm with interests in the Middle East, Africa and Asia and is also involved in other sectors. |