Abu Dhabi's IPIC to expand investments to $30 bln

Abu Dhabi's state-owned International Petroleum Investment Company (IPIC) is expanding its investment target to $30 billion after selling its stake in Barclays, IPIC's CEO said on Sunday.

IPIC has a current investment portfolio of between $16 to $20 billion, Khadem Al Qubaisi told Reuters in an interview.

He also said IPIC has closed deals worth $10-$12 billion since the middle of last year and is working on some 30 to 40 investment deals in the energy and other sectors.