- ABU DHABI: Abu Dhabi’s International Petroleum Investment Co (IPIC), which owns stakes in energy majors OMV and Cepsa , saw its assets rise 15 percent in 2010, the government fund said in a statement.
IPIC saw “continued asset growth to $47.9 billion, an increase of 15 percent (excluding assets of disposal group),” the company said in a statement.
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 percent over year-ago.
IPIC’s net equity grew 12 percent to $14.3 billion last year, the statement said.
Earlier this year, IPIC’s Managing Director Khadim Al-Qubaisi said the firm may raise its stake in Austria’s OMV.
It now owns a 20 percent stake in the Vienna-based group.
IPIC is fully owned by the government of Abu Dhabi.