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12 November 2024

Ipic assets grow 15%

Published
By Reuters

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 fund said in a statement.

Ipic saw "continued asset growth to $47.9 billion, an increase of 15 per cent (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 per cent over year-ago.

Ipic’s net equity grew 12 per cent to $14.3 billion last year, the statement said.

Earlier this year, Ipics Managing Director Khadim Al Qubaisi told Reuters 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.