Gulf Oil and Gas accountACCOUNT

Kuwait's KNPC Mandates Banks for $4B Loan Facility

Source: Reuters 12/12/2016, Location: Middle East

Share |
Kuwait National Petroleum Co (KNPC) has selected 10 international banks to provide a loan facility of more than $4 billion to back its Clean Fuels project, banking sources said.

The loan, which has guarantees from various countries' export credit agencies, is expected to include the participation of BBVA, BNP Paribas, Bank of Tokyo-Mitsubishi UFJ, Credit Agricole CIB, HSBC, Mizuho, Natixis, Santander Group, Societe Generale and Standard Chartered, the sources said.

The participation of Santander and BBVA is highly likely, but must still be made official, the sources said. KNPC was not immediately available to comment.

The debt facility is a club loan, which means it will not be syndicated to other banks, said the sources. NBK Capital has been working with the Kuwaiti company as financial adviser, while HSBC has coordinated the loan.

The state-owned refiner appointed the banks last week and completion of the financing is expected in the first quarter of 2017. The South Korean, Dutch, British and Italian export credit agencies will provide backing to the facility, KNPC's chief executive Mohammad Ghazi al-Mutairi told Reuters in October.

The Clean Fuels project will expand and upgrade two of Kuwait's largest refineries to produce diesel and kerosene for export. The project received a first tranche of financing in April this year, when it obtained a 1.2 billion dinar ($3.9 billion) loan led by National Bank of Kuwait and Kuwait Finance House. A group of 11 banks, including Islamic lenders, took part in that loan.

Financials and Investment News in Kuwait >>

Austria >>  5/25/2017 - OPEC decided to extend cuts in oil output by nine months to March 2018, OPEC delegates said, as the producer group battles a global glut of crude afte...
Kuwait >>  5/24/2017 - Kuwait National Petroleum Co (KNPC) has signed a $6.25 billion loan with international lenders to back its planned Clean Fuels project, the company an...

Austria >>  5/23/2017 - OPEC will likely agree to extend production cuts for another nine months, delegates said as the oil producer group meets this week to debate how to ta...
Brazil >>  5/23/2017 - Odebrecht Oleo e Gas S.A. (OOG) and certain subsidiaries have entered into an agreement with a group of creditors to restructure their financial debt....

United Kingdom >>  5/23/2017 - Andalas Energy and Power Plc, the AIM traded Indonesian focused energy company, has conditionally raised £600,000 via a placing (the Placing) of 600,0...
Austria >>  5/22/2017 - Demand for OPEC crude in 2017 was revised down by 0.3 mb/d from the previous month, mainly due to the upward revision in non-OPEC supply as world oil ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Kuwait Oil & Gas 1 >>  2 | 3 | 4 | 5 |

Oil & Gas Projects in Kuwait >>

More News

 

Oil & Gas Companies in Kuwait >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.