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MOU with IPIC to invest $14b

MOU with IPIC to invest $14b
Restis Group announced an MOU to invest more than $14 billion in shipping, energy and transport.

Restis Group announced an MOU to invest more than $14 billion in shipping, energy and transport.

Restis Group, one of the country"s top five shippping groups announced an MOU (Memorandum of Understanding) with with Abu Dhabi's International Petroleum Investment Company (IPIC) to jointly invest in shipping, energy and transport. Sectors included in the koint venture"s scope are ports, shipping, shipbuilding, storage and pipelines. IPIC is controlled by the royal government of Abu Dhabi, and has an investment portfolio currently estimated at more than $14 billion. "Through acquisitions and strategic holdings the new consortium aims at creating the first vertically-integrated group that will be active not only in oil extraction and refining but in its transportation," Ipic's Managing Director Khadem A Al Qubaisi said in a relative statement.

The joint venture will boast initial funds of $1.5 billion and will be managed by Restis Group in Athens, with a base also being created in Adu Dhabi. Viktor Restis commented on the agreement by saying that ?strong alliances create possibilities for a new beginning, a dynamic development course. The joint venture we established can create added value to investments and business schemes that are facing difficulties today, by a lack of capital and know-how?.

Restis is the owner among other entities of Enterprises Shipping & Trading and strategic investor in Freeseas (listed NY shipping company of Mr. Ion Varouxakis). He also holds a stake in Premier League"s club Manchester City, while his shipping companies run one of the largest shipbuilding programmes in the country.

www.TurkishMaritime.com.tr

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