KUFPEC secures US$1bn loan for overseas expansion

kufpecKUFPEC is active in 15 countries, with 63 projects in the international upstream sector. (Image source: KUFPEC)Kuwait Foreign Petroleum Exploration Company (KUFPEC) has signed a US$1bn loan, which will be used for company’s general corporate purposes and international expansion plans

Bank of Tokyo-Mitsubishi-UFJ, HSBC, JP Morgan, National Bank of Kuwait (NBK) and Royal Bank of Scotland have acted as underwriters, joint bookrunners and initial mandated lead arrangers for the loan, the Kuwait Petroleum Corporation subsidiary said in a statement.

JP Morgan and NBK also acted as joint coordinators, Kuwait News Agency reported.

KUFPEC is responsible for exploration, development and production of crude oil and natural gas outside Kuwait and announced that it was aiming to raise its output to 200,000 boepd with reserves of 650mn barrels of oil equivalent by 2020.

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