Kuwait Times

KNPC signs $6.245 billion deals to finance Clean Fuels Project

Largest ECA backed Corporate Loan Facilities

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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 NEXI facility, KNPC negotiated a club deal with four internatio­nal banks, which are shown in table 3.

On the successful signing of this ECA tranche, Mohammad Ghazi AlMutairi, KNPC CEO stated “We are very 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.

 ??  ?? KUWAIT: Officials pose for a group photo during the ceremony.
KUWAIT: Officials pose for a group photo during the ceremony.
 ??  ?? Table 2
Table 2
 ??  ?? KNPC CEO Mohammad Ghazi Al-Mutairi signs a deal with KEXIM.
KNPC CEO Mohammad Ghazi Al-Mutairi signs a deal with KEXIM.
 ??  ?? KNPC CEO Mohammad Ghazi Al-Mutairi signs a deal with Atradius.
KNPC CEO Mohammad Ghazi Al-Mutairi signs a deal with Atradius.
 ??  ?? Table 1
Table 1
 ??  ?? KNPC CEO Mohammad Ghazi Al-Mutairi signs a deal with SACE.
KNPC CEO Mohammad Ghazi Al-Mutairi signs a deal with SACE.
 ??  ?? Table 3
Table 3

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