Kuwait’s KUFPEC seeks $1-bln loan: report

KUWAIT CITY, June 14, 2018 – State-owned Kuwait Foreign Petroleum Exploration Company (Kufpec) has approached banks for a five-year loan of USD 1 billion, international media reported on Wednesday.

A report by Reuters cited banking sources as saying the company was seeking “a facility offering an interest margin of less than 100 basis points” over Libor.

KUFPEC, the international upstream branch of the Kuwait Petroleum Corporation, has operations around the world. As of 2016, it held 61 assets in 14 countries.

In March, CEO Sheikh Nawaf Al Sabah said the company was planning to raise overall production by 150,000 boepd by 2020, particularly via its ongoing projects in Australia and Alberta, Canada. The company produced 70,778 boepd in 2016, according to its annual report for that year.

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