KNPC signs $6.245 billion deals to finance Clean Fuels Project.

Kuwait National Petroleum Company (KNPC) is pleased to announce the signing of the largest ECA backed Corporate Loan Facilities of $6.245 billion for the financing of Clean Fuels Project.

This landmark transaction is signed with seven Export Credit Agencies (ECA’s) as shown in table 1.

KNPC along with NBK Capital (the exclusive financial adviser) appointed based on merits and negotiated a club deal with 10 International banks under the Korean ECA K-Sure, the Italian ECA SACE, The Dutch ECA Atradius and the British ECA UKEF. Those banks are shown in table 2.

As for the $500 Million facilities, KNPC negotiated a club deal with four international banks, which are shown in table 3.

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On the successful signing of this ECA tranche, Mohammad Ghazi Al-Mutairi, KNPC CEO stated “We are delighted to conclude this milestone for Kuwait’s oil sector and KNPC. This is the first time that KNPC has opted for Financing from the International Market. Furthermore, this transaction marks the largest ECA borrowing in Kuwait. We would like to thank our partners as well as the Initial Mandated Lead Arrangers for a successful Partnership between Kuwait and participating Countries.”
Shukri Abdul Aziz Al-Mahrous, Deputy Chief Executive Officer for Planning and Finance also stated: “This historic deal was extremely complex, and we overcame challenges through series of negotiations which ultimately lead us to a successful landmark transaction.

 

Source: Kuwait Times

 

 

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