Italy’s SACE offers $625 credit line for Kuwait oil project

ROME: The Italian Export Credit Agency SACE has guaranteed a $625-million loan issued by a pool of international banks in favor of Kuwait National Petroleum Company (KNPC). “The line of credit will help finance KNPC’s Clean Fuels strategic project, amounting to $14.5 billion, which includes the modernization and expansion of the Mina Abdullah and Mina Al-Ahmadi refineries in order to create a highly-efficient, integrated complex that can satisfy the local and international demand for high-value added petroleum products with reduced environmental impact,” the SACE said in a press release.

It clarified that the new transaction concluded by SACE under its Push Strategy, the new proactive approach introduced with the 2016-2020 business plan, which strives to facilitate and strengthen the competitiveness of Italian exports among selected foreign buyers. The agency stated that specific meetings, for this purpose, between the top management of the Kuwaiti petroleum group and interested Italian companies and business match-making events were organized in Abu Dhabi during the ADIPEC international trade show. “New meetings are to be organized in coming months to facilitate the awarding of contracts to potential Italian exporters interested in the opportunities offered by the broad business plan of KPC, which will require investments of $300 billion by 2030,” reads the statement.