Finance Jobs in UAE with the International Petroleum Investment Company

The International Petroleum Investment Company (Ipic) is planning to hire 500 UAE nationals over the next three years, this will evidently triple their workforce. The International Petroleum Investment Company, otherwise known as Ipic, which is owned by the the Government of Abu Dhabi, said that there are job openings at Fujairah Refinery Project, the Abu Dhabi Crude Oil Pipeline Project, Chema WEyaat and Emirates LNG. Mohamed Abdulla Al Suwaidi, who is the energy conglomerate’s director of business support said the following, “The first option for us in filling each position will be an Emirati, but if we end up recruiting a non-local we will take on three Emiratis as trainees to develop their knowledge under him The International Petroleum Investment Company’s recruitment system comes after Arabtec, their biggest investor is the Abu Dhabi investment fund Aabar, said last week that it planned to target 10,000 young people in the UAE, the wider Gulf and the wider Middle East region. The first target will be UAE nationals, Arabtec said.

 

The company said it hired 3,000 recruits in the year 2013. The International Petroleum Investment Company’s hiring system is part of a much bigger project by the Abu Dhabi Government. The goal is to bring more Emiratis into the private sector. Traditionally, the public sector has been the very first choice among locals, given the salaries and benefits. New industries are being built by the emirate and they are reducing government reliance on oil, through projects such as Mubadala’s Strata plant. This company has struck deals with Boeing and Airbus for the supply of aircraft parts, and the nuclear project in the western region of Al Gharbia.

A detailed survey was conducted on the $3.5bn Fujairah Refinery Project, The International Petroleum Investment Company said in a bond prospectus posted on the London Stock Exchange. The International Petroleum Investment Company is planning to get together and raise an “unlimited amount” through a global medium term note programme. Success is guaranteed. The total length of a medium term is 10 years. Arrangers of the bond are BNP Paribas, Merril Lynch International and National Bank of Abu Dhabi. According to it’s prospectus, the company will use the proceeds for “general corporate purposes”.

Some of the options that The International Petroleum Investment Company is considering for the Fujairah refinery is non-recourse project financing. The International Petroleum Investment Company is researching financing options for a $6bn refinery in Duqm, a

joint venture with the Omani government. According to The International Petroleum Investment Company the parties “are currently considering a number of financing options, including, but not limited to, non-recourse project financing”. 850,000bpd, is the current capacity of the pipeline, the International Petroleum Investment Company said in the prospectus. It is much less than the planned full capacity of 1.5 million bpd. The prospectus did not determine a time horizon when the pipeline would reach full capacity, but they are still actively doing research regarding the matter.