Abu Dhabi’s International Petroleum Investment Company (Ipic) has upped its stake in Austrian refiner and oilfield services company OMV to 20 per cent, increasing the control its shareholders’ consortium has over the firm.
Ipic increased its share in OMV to 60,050,273 shares from 57,485,686 shares in December 2009, with the change in its holding in the company effective from 31 December, the Austrian firm says. This gives Ipic a 20 per cent stake in the company, up from the 19.6 it previously held.
Ipic operates in consortium with the Austrian state-owned Österreichische Industrieholding AG (OIAG) on voting issues related to OMV, and the Abu Dhabi company’s increased stake has given the pair greater control over the company, with an overall 51.7 per cent stake in the firm.
OMV is a key partner in the development of Ipic’s petrochemicals businesses. OMV holds 34 per cent of Austria-based plastics maker Borealis, which in turn holds a 36 per cent stake in Abu Dhabi Polymers Company (Borouge). Ipic holds the remaining 64 per cent stake in both Borealis and Borouge.
In October 2009, OMV signed up to take a 24.9 per cent stake in Canadian petrochemicals firm Nova Chemicals, which Ipic acquired in July of that year. The two are also working in partnership on a planned new refinery in Baluchistan, Pakistan.