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13-Apr-2016

KFH gets nod to lend up to KWD500 million to KNPC

Kuwait Finance House (KFH) said on Tuesday it had obtained regulatory approval to lend up to KWD500 million (USD1.66 billion) to Kuwait National Petroleum Company (KNPC) for its Clean Fuels Project, it said in a bourse filing. KNPC expects to close the first phase of funding, worth KWD900 million, with local bank as soon as this April, the company’s CEO Mohammad Ghazi Al-Mutairi said last month. National Bank of Kuwait has said it would contribute KWD600 million. NBK will provide the conventional tranche and KFH will provide the Islamic tranche of the loan. Since 2015, KNPC has been in talks with banks to raise a loan worth around USD10 billion for the scheme, part of Kuwait's KWD30 billion economic development plan. Under the project, the capacity of the Mina al-Ahmadi refinery will drop to 347,000 barrels per day (bpd) from 466,000, while Mina Abdulla refinery's capacity will rise to 454,000 bpd from 270,000. The reduction in the capacity of the Ahmadi refinery, after shutting one of its crude distillation units, will be compensated for by adding new units to produce higher-value products. (Reuters)

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