Kuwait’s Supreme Petroleum Council (SPC) approved offering $2 billion fund by one of Kuwait Petroleum Corporation’s (KPC) subsidiaries to finance the $8.5 billion Duqm refinery. KPC and Oman’s Duqm Refinery and Petrochemical Industries Company (DRPIC) will evenly provide about $4 billion to the project, sources told Al-Seyassah newspaper. The project will also be partially financed by borrowing $4.6 billion from 29 international and regional financial institutions. DRPIC previously signed finance contracts related to the project in November 2018 with some financial institutions backed by export credit agencies from countries including South Korea, Spain, Japan and UK. The crude oil refining capacity of the project will be 230,000 barrels per day (bpd) and it will be operational by 2020/2021. All Rights Reserved - Mubasher Info © 2005 - 2019 Provided by SyndiGate Media Inc. (Syndigate.info). Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.