Mubasher: Kuwait Petroleum Corporation (KPC) is raising a $1 billion revolving loan through a small group of international banks, Reuters reported, citing three sources familiar with the matter.
The revolving credit facility coincides with a slowdown in the regional loan market as borrowers showed increased interest in raising financing through bonds to benefit from lower interest rates, the sources highlighted.
The loan is expected to be finalised in September or October, one of the sources revealed.
The Kuwaiti oil company aims to invest hundreds of billions of dollars over the coming years to boost its crude oil production capacity to 4.75 million barrels per day by 2040, according to the London-based news agency.
