Kuwait Petroleum seeks USD10 billion loan to upgrade refineries
Kuwait National Petroleum is seeking to borrow USD10 billion from local and international banks to upgrade two refineries to produce cleaner burning fuel. Ahmad Al-Jemaz, a deputy chief executive officer at the state oil refiner, said that the local banks are due to agree next month to lend USD3 billion under favorable terms to Kuwait. The rest of the USD10 billion needed will be sought from international banks, including from South Korean banks, he said. (Bloomberg)
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