Kuwait Petroleum Corporation (KPC) has agreed to procure a syndicated loan of Kd1.5bn ($4.89bn) to support its strategy to boost oil output. The syndicated loan, denominated in Kuwaiti dinars, will comprise conventional and Islamic tranches and will help finance the company’s expansion plans, reported Reuters. It will be split into a conventional portion of Kd825m and an Islamic tranche of Kd675m. The National Bank of Kuwait will initially extend Kd330m in funding, with the possibility of an additional ...

India’s Reliance Industries, the top private refiner in the country, has bought 1 million barrels of crude from Kuwait, trade sources told Reuters on Tuesday, as most Indian refiners halt purchases from Russia after the U.S. sanctions on the top Russian oil producers and exporters. Reliance Industries of Indian billionaire Mukesh Ambani has bought the Kuwaiti crude via a tender issued last week by the national Kuwait Petroleum Corporation (KPC), according to Reuters’ sources. KPC sought buyers in a tend ...