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 >>

United States >>  6/21/2017 - Cook Inlet Lease Sale 244 -- the first lease sale held in Alaska’s federal waters since 2008 -- today garnered $3,034,815 in high bids for 14 tracts c...
Canada >>  6/20/2017 - Cenovus Energy Inc. put forward a five-year plan that the company expects will generate 14% annualized free funds flow growth through 2021 at a West T...

Ireland >>  6/20/2017 - Providence Resources P.l.c., the Irish based Oil and Gas Exploration Company, provides a commercial update on the Exclusive Option (the “Option”) ente...
Austria >>  6/15/2017 - Demand for OPEC crude in 2017 was revised up by 0.1 mb/d from the previous month. This upward adjustment was mainly due to the downward revision in no...

United Arab Emirates >>  6/15/2017 - Gulf Energy Maritime (GEM), has signed an AED275 million ($75 million) with Dubai Islamic Bank (DIB). The agreement marks the first time GEM has raise...
United Kingdom >>  6/15/2017 - Today shareholders of Wood Group and Amec Foster Wheeler overwhelmingly approved Wood Group’s recommended all-share offer for Amec Foster Wheeler. The...

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.