KIPIC secures $2.3-bln financing: report

Kuwait Integrated Petroleum Industries Company (KIPIC) has secured USD 2.3 billion from local and international banks to fund its LNG import infrastructure, international media reported on Friday.

KIPIC is building the infrastructure at the Al Zour mega-project, which will see the integration of the Al Zour refinery with a new petrochemical complex and new LNG regasification terminal.

Zawya cited Kuwait’s Al Anba daily as reporting that the National Bank of Kuwait is leading an international group that includes South Korean entities which will provide around USD 2 billion. Sources also told Al Anba that USD 500 million of the total funding will come jointly from National Bank of Kuwait and Kuwait Finance House.

The Al Zour integrated project is expected to cost around USD 3.3 billion.

KIPIC was established by Kuwait Petroleum Corporation in late 2016 to undertake downstream projects in the country. 2017 saw the gradual transfer of projects from Kuwait National Petroleum Company and Petrochemical Industries Company to the new entity.