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Kuwait Petroleum Corporation agrees to $4.9bn loan to boost oil output
Yahoo Finance· 2025-11-18 15:18
Group 1 - Kuwait Petroleum Corporation (KPC) has secured a syndicated loan of Kd1.5bn ($4.89bn) to enhance its oil output strategy [1] - The loan will consist of a conventional portion of Kd825m and an Islamic tranche of Kd675m [1] - The financing aims to diversify funding sources as stated by KPC CEO Sheikh Nawaf Saud Al-Sabah [3] Group 2 - The National Bank of Kuwait will provide Kd330m initially, with a potential additional Kd165m from the conventional tranche, supported by other banks [2] - Kuwait Finance House will contribute Kd270m to the Islamic tranche, with an option for an additional Kd135m, along with contributions from other banks [2] - Reliance Industries has purchased one million barrels of heavy crude from KPC, with deliveries scheduled for early December [3][4] Group 3 - KPC announced a $33bn investment strategy aimed at enhancing oil production capacity by 2029 [4]