KNPC seals USD 6.2 bln loan to finance key project

KUWAIT, May 24 (KUNA) -- Kuwait National Petroleum Company (KNPC) signed Wednesday a deal with seven reputable global credit agencies for a loan worth USD 6.2 billion to fund the company's "Clean Fuel" project.
In a ceremony to sign the loan, CEO of Kuwait Petroleum Corporation (KPC) Nizar Al-Adsani said that the foreign funding would lead to closer ties with top oil exporting nations, allowing them a chance to take part in the company's development plan.
Moreover, he spoke of the company's "strategy to boost oil production to 4 million barrels per day (bpd) and refining capacity to 1.4 million bpd, through a more developed petrochemical industry." Meanwhile, KNPC CEO Mohammad Al-Mutairi said that he was glad to have secured this "historic deal" to finance one of the most monumental projects in the oil industry.
He also thanked all parties involved in funding the project. (end) osj.nam