Kuwait National Petroleum Company ‘KNPC’ and Watani Investment Company ‘NBK Capital’ celebrated the signing of the financial advisory contract for the multi-billion-dollar Clean Fuels Project (CFP), on September 14, at a special ceremony held at the Headquarters of KNPC in Ahmadi, Kuwait ,said official press release.
“NBK Capital was selected as exclusive financial advisor to KNPC with regards to the financing of the Clean Fuels Project based on the firm’s track record in assisting numerous clients in raising financing, after a competitive bidding process amongst international and regional banks,” Said Engineer Khaled AL-Asousi, Official Spokesperson and Deputy CEO of Support Services of KNPC.
He added, “NBK Capital will play a vital role in assessing the funding requirements, determining an effective capital structure, negotiating and securing preferential terms with lenders on behalf of KNPC and maximizing the overall return of the project and will assist the company throughout 12 months in raising the required funding to finance the clean fuels project.”
“NBK Capital is honored to have been awarded the advisory mandate for the largest project and the largest financing deal in the history of Kuwait. It is a testament to our company’s success since its inception in 2005, and the quality of service that our professionals deliver to clients,” said Mr. Salah Y. Al Fulaij, CEO of NBK Capital. He added, “This is a groundbreaking transaction for Kuwait that will emphasize the country’s presence on the global stage and stimulate the local economy, which has long anticipated similar mega projects.”
Kuwait’s clean fuels is one of the strategic projects of Kuwait National Petroleum Company and Kuwait at large, which is aimed at upgrading and expanding the existing KNPC two refineries at Mina Abdulla and Mina Al-Ahmadi. The project will help increase conversion of fuel oil to higher value products in order to meet expected market demand and tighter specifications.
KNPC awarded the clean fuel project contracting tenders to three international consortium in early 2014 with construction set to commence in 2015 and complete within 4 years.
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