KUFPEC inks financing worth $1.1 bln

Kuwait

KUWAIT CITY, August 1, 2018 – The Kuwait Foreign Petroleum Exploration Company (KUFPEC) announced on Tuesday it has signed a financing deal worth USD 1.1 billion with five international banks.

CEO Sheikh Nawaf Al Sabah told a press conference that the financing would allow the company to expand operations.

The deal was made with Japan’s Sumitomo Mitsui Banking Corporation and Mizuho, First Abu Dhabi Bank, France’s Société Générale and Canada’s Scotiabank.

KUFPEC, the international upstream branch of the Kuwait Petroleum Corporation, has operations around the world and 54 assets in 14 countries as of October 2017.

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