Kuwait-Mubasher: Kuwait National Petroleum Company (KNPC) has mandated the National Bank of Kuwait (NBK) and Kuwait Finance House (KFH) to arrange the first funding process of Clean Fuels Project, according to Kuwait News Agency.
Clean Fuels aims to upgrade and expand two of the Gulf Arab state’s largest existing refineries, focusing on generating higher-value products including diesel and kerosene for export.
The funding will amount to KWD 900 million ($2.989 billion) through a 10-year loan by local banks, said Mohammad Ghazi Al-Mutairi, CEO of KNPC.
With an overall cost of KWD 3.4 billion ($11.35 billion), the project comes as part of the country’s KWD 30 billion ($100 billion) economic development plan.
