Kuwaiti state energy firm Kuwait Petroleum Corporation (KPC) has concluded terms for a five-year syndicated loan and Islamic financing worth a combined $1.2bn. The firm has confirmed that the arrangement was finalized on 1 October, and is underwritten by the National Bank of Kuwait (“NBK”) and Kuwait Finance House. The pair are joined by a consortium of domestic banks. The funds are not earmarked for any specific projects, although KPC is overseeing major upstream and downstream expansion projects. KPC’s work continues to be impeded by political differences between government and parliament, and a shakeup of its 2040 targets may be on the cards.