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FinancialNews
02-08-18
Kuwait's KUFPEC signs USD1.1bn finance deal for expansion
(MENAFN) The Kuwait Foreign Petroleum Exploration Company (KUFPEC) was confirmed to have inked a finance agreement with several banks at a worth of USD1.1 billion.
The finance agreement has been signed for the development of KUFPEC's oil and gas activities, chief executive Sheikh Nawaf Al Sabah said.
In a statement, the company unveiled the banks it signed the agreement with to be including First Abu Dhabi Bank, Societe Generale, Japan's Sumitomo Mitsui Banking Corporation (SMBC), and Mizuho and Scotiabank.
The deal also consists of a two-year grace period, and is in addition to USD3.5bn that KUFPEC has borrowed from banks since 2013.
MENAFN0208201800450000ID1097235003
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