Abu Dhabi: Abu Dhabi's International Petroleum Investment Co (IPIC) said on Thursday it will invest in shipping, energy and transport projects with a subsidiary of Restis Group, Greece's fifth-largest shipper.

IPIC said a non-binding agreement was signed on February 23, but gave no fin-ancial details. "This is an exciting opportunity to combine IPIC's financial power and existing marine sector presence with the proven shipping sector expertise of Victor Restis and his team," said IPIC Managing Director Khadim Al Qubaisi.

"We see significant synergistic potential for IPIC's existing portfolio, and associated benefits for Abu Dhabi's domestic economy, resulting from this partnership." The cooperation would include storage, ship building, pipelines and ports, the companies said.

IPIC this week launched a friendly $500 million (Dh1.83 billion) takeover of Nova Chemicals Corp to rescue the plastics maker from a financial crisis due to its high debt.

IPIC denied this month it was taking a stake in indebted German bearings maker Schaeffler.