The International Petroleum Investment Company's (IPIC) is looking to expand further after its investement portfolio touched $8 billion.

IPIC is looking at fresh investments in Asian and North American markets, a senior official said.
He added that the Abu Dhabi government-owned company is also looking at alternative funding structures.
"We want to see continued growth in our portfolio and extract synergies from our partners as well as bring new alliance partners into our portfolio," Gamal James Harris, investment evaluation adviser, IPIC said.
"IPIC is penetrating new markets in South Asia, China, India and North America by identifying opportunities. These are energy-focused markets."
IPIC's strategy has been to buy stakes from 10 to 50 per cent in energy companies abroad.
Its $8 billion investment portfolio comprises seven energy-related companies in Austria, Denmark, Egypt, South Korea, Pakistan, Spain and one in Dubai's Gulf Energy Maritime Shipping Company.
Traditionally, IPIC has been funding its investments overseas through equity but things are set to change. "We are looking at alternative funding structures but also synergies through the existing portfolio," added Harris.
IPIC recently enhanced its stake in Denmark's Borealis from 25 to 65 per cent in a deal worth 736 million euros.
While IPIC has a 30 per cent stake in Pakistan-Arab Refinery Ltd (Parco), it sold its stake in Pak-Arab Fertilisers this year, said Harris declining to comment on why the exit took place.
IPIC has also laid out plans to boost its exposure to Far East growth markets by snapping up refiners, buying into Taiwan firm CPC and possibly bidding for Royal Dutch Shell's LPG business.
A top official at the International Petroleum Investment Co (IPIC) said that IPIC also wanted to double its stake in Spanish oil firm Cepsa to more than 15 per cent by buying stock from bank Santander.
"We are looking to buy refineries and marketing companies in the Far East, targeting Thailand, Malaysia and Korea," Khadem Al Qubaisi, head of IPIC's investment management division, said.
"We are also interested in utilities and gas companies because it is important for us to diversify our portfolio and we need exposure on the utility side, especially in Malaysia."
IPIC is owned by the government of Abu Dhabi. It has investments covering over two million barrels per day of refining capacity and a market capitalisation of around $5 billion. "We are positive about the refining industry because of demand in general and the synergies between Abu Dhabi and the Far East," Qubaisi said.
Oil's two-year price rally has been spurred in part by a shortage of new refining capacity able to meet demand growth, particularly from the rapidly expanding economies of China and India.
IPIC is not the only investment firm looking at opportunities in the region. British investment firm 3i Group Plc said it was keen on buying energy companies in Southeast Asia.
Qubaisi said IPIC had formally expressed interest in a planned sale by oil major Royal Dutch/Shell of its liquefied petroleum gas business, which analysts said could be worth more than $2 billion.
"We are looking for the right partner with which to participate," Qubaisi said. "We have started due diligence ... If we succeed with the right partner, we can use the company to expand in Asia."
"LPG is a very important product for Abu Dhabi and us, it would be the first LPG project for IPIC."
Shell started a sale process for the unit late last year after receiving an unsolicited approach. Spain's Repsol said it was considering a bid in conjunction with British buyout firm CVC, while sources close to the sale said several private equity firms were also in the running.