By: Ahmad Awad
Kuwait-Mubasher: Kuwait National Petroleum Company (KNPC) will sign an agreement with Kuwaiti local banks in March to finance the Clean Fuel Project (CFP), said deputy CEO for Support Services Khaled Al-Asousi.
Al-Asousi told Mubasher that 44.4% of the project works has been accomplished, preferring not to talk about the project in detail. The project has an overall cost of KWD 3.4 billion ($11.35 billion).
According to sources who preferred to stay anonymous and are close to the agreement, negotiations are being run with a number of local banks and international lenders for securing KWD 3 billion to finance the project.
The sources added that offering bonds is still being discussed to finance the project.
It is noteworthy that Kuwait plans spending about $100 billion on oil investments during the coming five years.
