KUFPEC gets $1bn loan

The money will be used to finance KUFPEC's international expansion plans

Kuwait's oilfield.
Kuwait's oilfield.

Kuwait Foreign Petroleum Exploration Company (KUFPEC) has received a $1bn loan to finance its international expansion plans.

The five-year-term syndicated loan was arranged by a number of international, regional and Kuwaiti banks led by the National Bank of Kuwait (NBK), in cooperation with J.P Morgan Limited.

KUFPEC was issued with another loan worth $3.4bn last year and in 2008 recieved a five-year term loan facility of $320mn, all facilitated by the NBK.

Shaikha Al Bahar, NBK Deputy Group Chief Executive Officer, said: "This transaction reflects NBK's leading position as the banking partner for Kuwait's oil companies.

"NBK has always been at the forefront in supporting Kuwait's oil sector. NBK's relationship with KPC and its subsidiaries extends for almost four decades."

Al Bahar added. "We are happy to cooperate with major international banks to support KUFPEC 's expansion plans."

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