Reuters reported that Abu Dhabi's investment fund has raised its minority stake in OMV, two weeks after the Austrian oil and gas group said it would offload unprofitable refining and marketing assets.

OMV said that International Petroleum Investment Company raised its stake to 24.9% from 20.4%. Austrian state holding company OeIAG owns around 28%.

OMV said last month at its capital markets day in Istanbul that it would divest up to EUR 1 billion of refining and marketing assets by 2014 to focus on its more profitable exploration and production business. OMV's shares extended losses to trade 1.6% down by 1224 GMT roughly in line with the sector which was down 1.7%.

(Sourced from Reuters)