KUFPEC signs syndicated loan worth $750m

Kuwait Foreign Petroleum Excavation Company (KUFPEC) announced Wednesday that it has signed a USD 750 million syndicated loan agreement for a period of about five years. KUFPEC's CEO Sheikh Nawaf Saud Al-Sabah said in a press release that the loan would help the company increase liquidity and bolster its global operations. A banking consortium of J.P. Bank, The National Bank of Kuwait (NBK), HSBC Middle East, the Royal Bank of Scotland (RBS), and the Bank of Tokyo-Mitsubishi UFJ will arrange the loan, said the official. KUFPEC is an international oil company, engages in exploration, development and production of crude oil and natural gas outside Kuwait. The company is active in Africa, Middle East, Asia and Australia. The company is planning to increase its production capacity to 200,000 barrels of oil equivalent and boost its reserves to 650 million barrels by 2020.