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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.
NBK chief executive Isam al-Sager said that the bank’s share of the first tranche would be KD400mn ($1.33bn), while the Kuwait Finance House contribution would be KD275mn ($912mn). A total of 11 banks, including five Islamic lenders, are taking part in the first tranche, according to Reuters.
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