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Abu Dhabi IPIC sees assets grow 15pc

Abu Dhabi, May 31, 2011

Abu Dhabi's International Petroleum Investment Company (IPIC), which owns stakes in energy majors OMV and Cepsa, saw its assets rise 15 per cent in 2010, the government fund said in a statement.

IPIC, which is fully owned by the government of Abu Dhabi, said it saw 'continued asset growth to $47.9 billion, an increase of 15 per cent (excluding assets of disposal group).'

IPIC, which also owns stakes in German automaker Daimler and Virgin Galactic through its majority-owned Aabar Investments, has embarked on an aggressive acquisition drive in recent years.

It raised its stake in Cepsa earlier this year with the 3.7 billion euro ($5 billion) acquisition of the remaining half of the Spanish oil company from France's Total.

The investment firm also said it earned a net profit excluding one-off gains of $1.3 billion in 2010, up 30 per cent over year-ago. IPIC's net equity grew 12 per cent to $14.3 billion last year, the  the company said in a statement.

Earlier this year, IPIC's managing director Khadim al Qubaisi told Reuters the firm may raise its stake in Austria's OMV. It now owns a 20 per cent stake in the Vienna-based group.-Reuters




Tags: abu dhabi | assets | International Petroleum Investment Company | IPIC | Cepsa |

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