Reuters reported that Abu Dhabi's International Petroleum Investment Company which owns stakes in energy majors OMV and Cepsa, saw its assets rise 15% in 2010.

IPIC, which is fully owned by the government of Abu Dhabi, said that it saw continued asset growth to USD 47.9 billion an increase of 15%.

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 EUR 3.7 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 USD 1.3 billion in 2010 up 30% over year ago. IPIC's net equity grew 12% to USD 14.3 billion last year.

Earlier this year, Mr Khadim al Qubaisi MD of IPIC said that the firm may raise its stake in Austria's OMV. It now owns 20% stake in the Vienna-based group.

(Sourced from Reuters)