Nov 28 2011 |
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Kuwait KPC Eyes Kufpec Cap Hike To Fund Australia LNG JV -Report
Monday, Nov 28, 2011
BEIRUT (Zawya Dow Jones)--State-run Kuwait Petroleum Corp., or KPC , may raise the capital of its unit Kuwait Foreign Petroleum Exploration Co., or Kufpec , to about 1 billion Kuwaiti dinars ($3.61 billion) to partly finance a liquefied natural gas, or LNG, joint venture in Australia, Kuwait-based Al Anba daily reports Monday citing a source.
KPC 's board will discuss Thursday increasing Kufpec 's capital, which currently stands at KWD200 million, a high-ranking oil source told the paper.
The LNG project, which will cost $3.6 billion, is a joint venture between Kufpec , Chevron, and Apache, and is located in northwestern Australia, the source, who preferred not to be named, told Al Anba.
Newspaper website: http://www.alanba.com.kw/AbsoluteNMNEW/templates/economy2010.aspx?articleid=245733&zoneid=17&m=0
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
28-11-11 0845GMT
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