IPIC concludes US$625m loan facility to acquire 20pc stake in Cosmos Oil

Abu Dhabi, July 7, 2008 (WAM) - The International Petroleum Investment
Company (IPIC) has concluded a US$625 million syndication loan to finance acquisition of 20 per cent shares in Japan's Cosmos Oil Company.

Cosmos Oil is a leading Japanese oil refinery and sales conglomerate, listed on the Tokyo Stock Exchange.

Abu Dhabi based IPIC signed a strategic partnership with it last year to acquire 176 million shares, a 20.83 per cent shareholding.

The deal aims at promoting IPIC energy business in Asia
Pacific region and the US West Coast as well as to pursue the joint project opportunities. The sell-out deal will also enable Cosmos Oil to carry out its mid and long-term growth strategy.

Loan facility: The National Bank of Abu Dhabi (NBAD) and The Bank of
Tokyo-Mitsubishi UFJ Limited (BTMU) concluded yesterday a Dh2.3 billion
(US$625 million) syndicated term loan facility.

NBAD and BTMU acted as mandated lead arrangers while NBAD acted as facility
agent and BTMU as documentation bank.
Khadem Al Qubaisi, Managing Director of IPIC, said: "The acquisition forms
part of IPIC's investment diversification plans, mapped out under the
supervision of Sheikh Mansour bin Zayed Al Nahyan, Minister of Presidential
Affairs and Chairman of IPIC." The partnership with a leading global player
such as Cosmos Oil will allow both companies to pursue investment
opportunities in this rapidly expanding sector, he said.