09 July 2019
State oil operator Kuwait Petroleum Corporation (KPC) intends to borrow around 609 million Kuwaiti dinars ($2 billion) to fund local oil projects, a Kuwait newspaper reported on Tuesday.

KPC, which runs the Gulf emirate's massive hydrocarbon sector, has signed a contract with NBK Capital, an offshoot of the National Bank of Kuwait, to arrange the loans, the Arabic language daily Alseyassah said, quoting KPC sources.

Negotiations will begin next week with a number of local conventional and Islamic banks for the loans, the paper said.

The loan is part of a strategy enforced by KPC over the past few years to fund 70 percent of local oil projects through borrowing, it added.

(Writing by Nadim Kawach; Editing by Mily Chakrabarty)

(mily.chakrabarty@refinitiv.com)

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