IPIC makes its Billion-Dollar Club Debut

International Petroleum Investment Co. (IPIC; Abu Dhabi) has joined CW’s Billion-Dollar Club this year. IPIC has a base chemicals portfolio that includes Borealis and the former Nova Chemicals, and makes its first appearance at number 24 in the table. IPIC reported 2010 chemical sales of $12.9 billion and operating income of $705 million. Nova was acquired in 2009, in a deal that valued the company at about $2.6 billion. Nova is IPIC’s first fully owned subsidiary. The company can be divided into two businesses: olefins and polyolefins; and performance...

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