Kuwait Energy secures $50m loan agreement

Facility to be used to accelerate development of oil and gas assets in Egypt, Yemen.
Kuwait Energy secures $50m loan agreement
By Martin Morris
Tue 29 Sep 2009 11:33 PM

Kuwait Energy Company said on Tuesday it has secured a $50 million Islamic loan from World Bank member, the International Finance Corporation (IFC).In a statement Kuwait Energy's CEO, Ms. Sara Akbar, said the loan will be used to accelerate the development of the company’s oil and gas assets in Egypt and Yemen, KUNA reported.

The package consists of a $35 million reserve facility and a $15 million income participation facility.

IFC's Global Head for Oil and Gas, Lance Crist said: "This transaction provides a unique opportunity for IFC to support local private oil and gas companies in the Middle East and North Africa that are expanding regionally and providing jobs and revenues to governments."

The independent oil and gas explorer was established in 2005.

For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.