UAE's IPIC says near $3-$5 bln bank financing deal

Abu Dhabi government-owned International Petroleum Investment Company (IPIC) will not sell bonds this year and is close to finalising $3 billion to $5 billion bank financing to fund acquisitions, its chief executive said.

"We are targeting between $3 to $5 billion in financing from local and international banks," Khadem Al Qubaisi told Reuters by telephone on Wednesday without providing more details.

"It is secured and committed and in a few days we will be finalising it."