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IPIC's Assets Grew 15 Pct in 2010

Source: Reuters 5/30/2011, Location: Middle East

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 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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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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