Kuwait - 14/September/2014

Kuwait National Petroleum Company 'KNPC' and Watani Investment Company 'NBK Capital' celebrated the signing of the financial advisory contract for the multi-billion-dollar Clean Fuels Project (CFP), on September 14, at a special ceremony held at the Headquarters of KNPC in Ahmadi, Kuwait.

"NBK Capital was selected as exclusive financial advisor to KNPC with regards to the financing of the Clean Fuels Project based on the firm's track record in assisting numerous clients in raising financing, after a competitive bidding process amongst international and regional banks," Said Engineer Khaled AL-Asousi, Official Spokesperson and Deputy CEO of Support Services of KNPC. He added, "NBK Capital will play a vital role in assessing the funding requirements, determining an effective capital structure, negotiating and securing preferential terms with lenders on behalf of KNPC and maximizing the overall return of the project and will assist the company throughout 12 months in raising the required funding to finance the clean fuels project."

"NBK Capital is honored to have been awarded the advisory mandate for the largest project and the largest financing deal in the history of Kuwait. It is a testament to our company's success since its inception in 2005, and the quality of service that our professionals deliver to clients," said Mr. Salah Y. Al Fulaij, CEO of NBK Capital.   He added, "This is a groundbreaking transaction for Kuwait that will emphasize the country's presence on the global stage and stimulate the local economy, which has long anticipated similar mega projects."  

Kuwait's clean fuels is one of the strategic projects of Kuwait National Petroleum Company and Kuwait at large, which is aimed at upgrading  and expanding the existing KNPC two refineries at Mina Abdulla and Mina Al-Ahmadi. The project will help increase conversion of fuel oil to higher value products in order to meet expected market demand and tighter specifications.

KNPC awarded the clean fuel project contracting tenders to three international consortiums in early 2014 with construction set to commence in 2015 and complete within 4 years.

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About NBK Capital
NBK Capital was established in 2005 as a subsidiary of the National Bank of Kuwait ("NBK"), region's oldest bank and one of the highest rated banks. NBK Capital focuses on four principal lines of business: Alternative Investments, Asset Management, Brokerage & Research and Investment Banking. With offices in Kuwait, Dubai, Istanbul and Cairo, NBK Capital's team of more than 170 professionals offer superior products and services to clients and investors.

For more information, visit our website www.nbkcapital.com

About KNPC
Kuwait National Petroleum Company was established in 1960 as the first national oil company in the region. The government-owned company is a subsidiary of Kuwait Petroleum Corporation, and currently assumes the responsibility of crude oil refining and gas liquefaction. It also handles the local marketing of petroleum products.

The main strategic objective of KNPC and KPC downstream, petrochemical and marketing sector is to maximize the Kuwaiti hydrocarbon value. Consequently, the Company adopts a vision through which it seeks to build a highly qualified human resources and commitment to the best practices in all operations. 

KNPC has three refineries, namely: Shuaiba Refinery with a capacity of 200,000 bpd. It has a high flexibility in its work as it uses hydrogen in all of its operations.

Mina Ahmadi Refinery was established in 1949 and went through two major modernization projects by mid-1980s. Its current capacity of 470,000 bpd makes it the largest in KNPC. In addition to the gas liquefaction plant with 1,68 million scfpd, the refinery also has two piers, the North Pier and South Pier, that can receive the world's largest oil tankers.

Mina Abdullah Refinery has a capacity of 270,000 bpd. Established in 1958, the refinery underwent several upgrading projects, the major one was in 1989.

The total production capacity of KNPC refineries is 930,000 bpd.

KNPC is now carrying out several vital and strategic projects aiming at maintaining and upgrading the high quality of Kuwait petroleum products to be highly competent in world markets. Most important projects are Clean Fuel Project (CFP) and Al-Zour refinery (ZOR) refinery project.

As well, being a leading refining Company, KNPC is a pioneer in shouldering its social responsibility, and dedicate millions of KDs on yearly basis for non-profit environmental projects.

The Company also supports numerous activities, be it social, educational, cultural, religious, sport and those devoted for the people with special needs. KNPC continuously supports the non-profit organizations and public societies to ensure a social sustainable development.

For all press inquiries please contact:
Bassel Merheb
NBK Capital
Corporate Communications Manager
+965 -2224-5335
bassel.merheb@nbkcapital.com

© Press Release 2014