Abu Dhabi : Abu Dhabi's state-run International Petroleum Investment Co (Ipic) has about $46 billion (Dh168.82 billion) in assets, exceeding targets, Chairman Khadem Abdullah Al Qubaisi said.

The investment fund with unit Aabar Investments became the biggest investors in carmaker Daimler AG, bought stakes in Spanish utility Compania Espanola de Petroleos and started sponsoring a Formula 1 team last year. IPIC invests in international oil and gas projects.

"Perhaps we have to recalibrate our growth targets," Al Qubaisi said in an interview published in a UAE energy yearbook entitled Oil & Gas Year that was presented yesterday.

"It should be remembered that 2009 saw great investments for both IPIC and Aabar investments, as the financial crisis generated opportunities well outside market norms."

Al Qubaisi was responding to a question on how the company was progressing toward its target of boosting the size of its international investment portfolio to $40 billion by 2013.

"Things have settled down and I expect a period of consolidation for both IPIC and Aabar as we integrate the investments of 2009 into our portfolio," he said.

Al Qubaisi said in January 2009 that the company aimed to boost its holdings to as much as $20 billion within five years to benefit from falling asset prices during the global financial crisis. The company was looking to buy stakes in refining and marketing companies and petrochemical producers, he said at the time. In June 2009, Al Qubaisi said the company aimed to expand investments to $30 billion, Reuters reported at the time.

Five refineries planned

Ipic is studying plans for five refineries worldwide with a total investment of $20 billion, a report said yesterday.

Ipic is eyeing refinery projects in Fujairah, Morocco, Oman, Pakistan and Jordan, either alone or with partners, London-based MEED magazine said.

The plans include a potential investment in Jordan Petroleum Refinery Co, which is looking at a $2 billion revamp of its refinery in Al Zarqa area, the magazine said, citing sources close to the company.

The firm had begun to study the projects in 2006 but had put the plans on hold at the end of 2008 when the global financial crisis hit.

— Reuters