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Kuwait Petroleum Corporation (KPC) is seeking $1 billion financing from banks including HSBC and JPMorgan, Reuters reported on June 7th.
KPC is in negotiations with Japan Bank for International Cooperation to insure a $1 billion loan that the Kuwaiti state-owned energy giant will receive from international banks for a 13-year term, Minister of Oil Mohammad Al-Fares revealed.
The loan will be used for capital expenditure, including oil and gas production, he added.
It is worth noting that oil accounts for around 90% of Kuwait's revenues. However, despite the surge in oil prices, Kuwait is expecting to suffer a fiscal deficit of KWD 3.1 billion in the fiscal year (FY) 2022/2023.
On June 6th, the price of Kuwaiti oil rose by $3.5 to $119.95 per barrel (pb), from $116.45 pb the day before, according to the Kuwait News Agency (KUNA).
Global brent crude declined by $0.21 cents to $119.51 pb, while the West Texas Intermediate (WTI) slipped $0.37 to settle at $118.50 pb.
