Kuwait's KPC inks MoU with Japan's Nippon to fund projects

KUWAIT, March 31 (KUNA) -- Kuwait Petroleum Corporation on Thursday signed a memorandum of understanding with the Japanese Nippon Export Investment Insurance (NEXI) to fund projects for the corporation and subsidiary companies with a value estimated at USD one billion.

The KPC said in a statement that the MoU was inked against the backdrop of the approach to bolster bilateral relations between Kuwait and Japan and deepen economic and trade cooperation that began decades ago.

It was co-signed by the KPC Chief Executive Officer Sheikh Nawaf Saud Al-Sabah and a senior executive of the Japanese company.

Attending the signing ceremony were Deputy Prime Minister, Minister of Oil and Minister of State for Cabinet Affairs and the KPC Chairman, Dr. Mohammad Al-Fares, and the Japanese Minister of Economy and Commerce Hagiuda Koichi.

According to the memo, the Japanese company will cooperate with the KPC to find investment opportunities for Japanese companies in Kuwait and contribute to initiatives designed to cut carbon emissions.

Moreover, it aims to promote Japanese products in Kuwait, provide credit facilities for projects executed by the KPC and its affiliates. (end) km.rk