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Thu 28 Apr 2016 11:17 AM

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Kuwait's KNPC signs $3.98bn loan with local banks – chairman

Part of the country's 30 billion dinar economic development plan, the Clean Fuels Project will upgrade and expand two of the Gulf Arab state's largest existing refineries

Kuwait's KNPC signs $3.98bn loan with local banks – chairman

Kuwait National Petroleum Company (KNPC) has signed the first tranche of financing for its multi-billion-dollar Clean Fuels Project on Thursday.

The first portion, coming from local lenders and lasting for 10 years, was worth 1.2 billion dinars ($3.98 billion) and was led by National Bank of Kuwait and Kuwait Finance House, Chairman Jamal al-Noori said at the signing ceremony in Kuwait.

The chief executive of the state run refiner, Mohammed al-Mutairi, had said last month the first tranche would be worth 900 million dinars.

Part of the country's 30 billion dinar economic development plan, the Clean Fuels Project will upgrade and expand two of the Gulf Arab state's largest existing refineries with a focus on producing higher-value products such as diesel and kerosene for export.

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