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Tue 31 May 2011 05:27 PM

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Abu Dhabi's IPIC says assets grew 15% in 2011

State-owned energy investment firm owns stakes in energy majors, including OMV and Cepsa

Abu Dhabi's IPIC says assets grew 15% in 2011
INVESTMENT COMPANY: IPIC is fully owned by the government of Abu Dhabi (Image for illustrative purposes only)

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 $47.9bn, 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 €3.7bn ($5bn) 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 $1.3bn in 2010, up 30 percent over year-ago.

IPIC's net equity grew 12 percent to $14.3bn 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.

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