Kuwait National Petroleum Company (KNPC) expects to close the first phase of funding for its multi-billion-dollar Clean Fuels project as soon as the first week of April, the state oil refiner told Kuwait News Agency on Tuesday. Part of the country's KWD30 billion (USD100 billion) economic development plan, the Clean Fuels project will upgrade and expand two of Kuwait's largest existing refineries with a focus on producing higher-value products such as diesel and kerosene for export. KNPC was in advanced talks with local conventional and Islamic banks to secure a KWD900 million loan of 10 years duration, Chief Executive Mohammed al-Mutairi said in a statement to the state news agency. National Bank of Kuwait (NBK) and Kuwait Finance House (KFH) were helping to arrange this part of the funding, the statement added. Negotiations were also underway to secure further financing from international banks which would be guaranteed by the export credit agencies of South Korea, Japan, Britain, Italy and the Netherlands. (Reuters)