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