KNPC Clean Fuels Loan

Kuwait’s state-owned refiner KNPC is near to concluding a second loan of $6.4bn to help finance the clean fuels project (CFP) upgrade of its 466,000 b/d Mina al-Ahmadi and 270,000 b/d Mina Abdullah refineries, according to official news agency Kuna. KNPC last month signed deals for a KD1.2bn ($3.98bn) first funding tranche to be provided by 11 Kuwaiti banks (MEES, 13 May).

KNPC is undertaking final legal reviews for the loans and studying the pricing and interest rates, KNPC financial advisor Khalid al-Ajil says, adding that the second tranche will be provided by export credit agencies from Europe, South Korea and Japan. (CONTINUED - 213 WORDS)