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FINANCIAL NEWS
Abu Dhabi’s IPIC to raise stake in OMV
14 Apr 2011
(MENAFN) International Petroleum Investment Company’s (IPIC) managing director, Khadem Al Qubaisi, said that the company would increase its stake in Austrian Oil and Gas Group (OMV) in the current year, reported Arabian Business.
Al Qubaisi added that the Abu Dhabi based company has a twenty percent of the shares of OMV and the company is looking to raise this amount.
He said that IPIC was also considering buying Borealis, the plastic manufacturer, remaining stake from OMV.
It is worth noting that IPIC was established by Abu Dhabi government in 1984, to invest in the energy sector all around the world, and now it has stakes in fourteen leading energy companies.
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