Kuwait’s state owned refiner KNPC has signed agreements for the KD1.2bn ($3.98bn) first tranche of funding for the Clean Fuels Project (CFP), which is under way to boost crude distillation and upgrading capacities at the Mina Abdullah and Mina al-Ahmadi refineries.

KNPC chairman Jamal al-Noori said at the signing ceremony that the tranche will be provided by local banks, led by the National Bank of Kuwait (NBK) and Kuwait Finance House, over a 10-year period. Mr Noori gave no indication of the pricing and did not name other contributors. (CONTINUED - 345 WORDS)