Ipic assets grow 15%

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.

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