ABU DHABI International Petroleum Investment Company (Ipic) has announced that it has acquired a stake in Compania Espanola de Petroleos (Cepsa).

Ipic is an investment subsidiary of Abu Dhabi's government.

Compania Espanola de Petroleos (Cepsa), is one of Spain's largest energy companies.

Ipic stated in a communiqué that it would seek exemption from introducing a takeover bid.

Ipic, at present holds 47 per cent stake.

The value of the Ipic deal with Cepsa has not been revealed.