Essen-MAN AG has signed a letter of intent to sell a 70% interest in MAN Ferrostaal AG to International Petroleum Investment Co. (IPIC) of Abu Dhabi, while retaining a 30% holding. MAN explained that IPIC, which is pursuing a strategy of long-term investment in the petrochemical and related industries outside Abu Dhabi, "intends to award contracts for large industrial projects" to Ferrostaal, and is also "in the position to open up market access for the company in the field of new technologies."
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