Kuwait: KNPC Signs $ 3.98 Billion Loan Multi-Billion-Dollar Clean Fuels Project
Reuters reports that state-owned refiner Kuwait National Petroleum (KNPC) signed the first tranche of financing for its multi-billion-dollar Clean Fuels Project.
Kuwait City/Kuwait – The tranche, provided by local banks has a term of ten years and covers 1.2 billion dinars ($ 3.98 billion). The loan will be granted by the National Bank of Kuwait and the Kuwait Finance House.
The second tranche of the loan, which will be provided by international lenders, is expected to amount to $ 6 billion and will be closed by the end of this year, Reuters quoted KNPC acting chief executive Ahmad al-Jimaz.
The Clean Fuels Project is one of the strategic projects of Kuwait National Petroleum Company which are aimed at upgrading and expanding the existing refineries at Mina Abdulla and Mina Al-Ahmadi. The CFP will transform the two refineries into an integrated merchant refining complex with a total refining capacity of up to 800,000 barrels a day, after the project's completion.