IPIC-NOVA Chemicals Complete Acquisition Deal

International Petroleum Investment Company ("IPIC") and NOVA Chemicals Corporation ("NOVA Chemicals") announced the completion today of the acquisition of NOVA Chemicals by way of a plan of arrangement (the "Arrangement").

NOVA Chemicals will continue to operate its chemicals and plastics business from its North American base. "We are very pleased to complete this transaction and we are excited about the future opportunities for NOVA Chemicals to grow in Alberta and elsewhere," said Chris Pappas, President and CEO of NOVA Chemicals. "Our team is focused on leveraging renewed financial strength to take our industry-leading technology from our operating base in Canada to the world."

"We are very pleased that NOVA Chemicals is joining the IPIC family," said Managing Director and Board Member, IPIC, H.E. Khadem Al Qubaisi. "NOVA Chemicals will complement IPIC's existing petrochemical portfolio by providing access to North American markets and distribution channels, world-class technology, and a wider range of products."

"We believe that NOVA Chemicals is a perfect fit within our long-term petrochemical growth strategy, and this combination is a key component in achieving IPIC's goal of becoming a global industry leader." Pursuant to the Arrangement, a wholly-owned subsidiary of IPIC acquired all of NOVA Chemicals issued and outstanding common shares for US $6.00 per share.

DubaiSat-1 reaches Baikonour launch base in Kazakhstan

Dubai, July 7, 2009: With only 18 days left for the launch of DubaiSat-1, the first remote sensing satellite developed by a UAE entity - the Emirates Institution for Advanced Science & Technology (EIAST), the satellite has now been shipped from its development base in South Korea to the launch pad in Baikonour in Kazakhstan.

His Excellency Mr Ahmed Al Mansoori, Director General and Vice Chair of the Board of Directors, EIAST, said: "A joint UAE-Korean team is currently working on the testing process for all systems and equipments, which will take one week, before installing them in the launch vehicle".

DubaiSat-1 is a stepping stone in the UAE's attempt to create a sound infrastructure that enables the collection of space and earth observation data to power the comprehensive development of the nation. The satellite highlights the commitment of EIAST to create a knowledge based economy by leveraging the advances in satellite technology. Images from DubaiSat-1 can be used for many applications such as urban development, scientific research, telecommunications, transportation, civil engineering & constructions, mapping and GIS.The launch of DubaiSat-1 consists of three segments; space, ground and actual launch. The ground segment comprises mission control station, image receiving and processing station, and antenna and RF subsystem.

EIAST is focused on research in four areas: observation and fog forecast; use of satellite pictures in predicting sand storms; quality of water in the Gulf region - especially the effect of waste distillation in environment and marine life surrounding the oceans existing in the UAE; and ways to improve the clarity of satellite pictures.

July 9, 2009 Kerala news