Kuwait National Petroleum Company In Talks For 6.4bn Dollars In Loans For Clean Fuels Project

Kuwait National Petroleum Company (KNPC) is in final stages of talks with international institutions for $6.4 billion in the second tranche of loans to finance its multi-billion dollar Clean Fuels project, state news agency KUNA reported on Sunday.

The first portion, signed on April 28, was worth 1.2 billion dinars ($3.97 billion) with Kuwaiti lenders led by National Bank of Kuwait and Kuwait Finance House.

The state-owned KNPC refiner is in the process of final legal reviews for the foreign loans and will determine the pricing and interest rates. The company's financial advisor Khalid Al-Ajeel as saying.

International lenders for the second tranche will include credit agencies from Europe, South Korea and Japan, Al-Ajeel said. 

Part of the country's 30-billion-dinar economic development plan, the Clean Fuels Project will upgrade and expand two of the Gulf Arab state's largest existing refineries with a focus on producing higher-value products such as diesel and kerosene for export.

 

SOURCE : ARABIANBUSINESS

Comments Post Comment

Leave a Comment

Submit