Bloomberg News

Abu Dhabi’s IPIC Fund Raises OMV Stake by $436 Million to 24.9%

October 03, 2011

Oct. 3 (Bloomberg) -- International Petroleum Investment Co., Abu Dhabi’s wealth fund, invested about 327 million euros ($436 million) to raise its stake in Austrian energy group OMV AG to 24.9 percent.

IPIC, which owns its OMV shares in a syndicate with the Austrian government, increased the stake by 4.5 percentage points, Vienna-based OMV said in a statement.

IPIC’s increased stake doesn’t change the syndicate deal, state assets agency OeIAG said in a statement. The agency owns 31.5 percent of OMV, according to data compiled by Bloomberg.

OMV last month presented new Chief Executive Officer Gerhard Roiss’s plan to sell 1 billion euros of refining and marketing assets by 2014 to increase its focus on exploration and production.

The group, which is central Europe’s biggest oil company, expects exploration and production to account for 55 percent of its assets by 2021 under the new strategy, up from 35 percent in 2010, while refining and marketing will fall to 25 percent from 53 percent.

--Editors: Alex Devine, Amanda Jordan

To contact the reporter on this story: Boris Groendahl in Vienna at bgroendahl@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net


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