Kuwait National Petroleum Company (KNPC) is in final stages of talks with international institutions for $6.4 billion in the second tranche of loans to finance its multi-billion dollar Clean Fuels project.
The first portion, signed on April 28, was worth KD1.2 billion ($3.97 billion) with Kuwaiti lenders led by National Bank of Kuwait and Kuwait Finance House.
The state-owned KNPC refiner is in the process of final legal reviews for the foreign loans and will determine the pricing and interest rates, said the company's financial advisor Khalid Al-Ajeel.
International lenders for the second tranche will include credit agencies from Europe, South Korea and Japan, Al-Ajeel said.
Part of the country's KD30-billion economic development plan, the Clean Fuels Project will upgrade and expand two of the country's largest existing refineries with a focus on producing higher-value products such as diesel and kerosene for export.