The state-owned oil company plans to invest hundreds of billions of dollars by 2040 as part of efforts to boost its crude oil production capacity to 4.75 million barrels per day by that date.
Wednesday 10, July 2019 BY KUDAKWASHE MUZORIWA
Kuwait Petroleum Corporation (KPC) has hired NBK Capital to advise the state-owned firm on a financing deal of around $2 billion that is likely to come from local lenders.
Nizar al-Adsani, KPC’s former Chief Executive, said that the company was looking to spend $114 billion by 2023 and an additional $394 billion beyond that up to 2040.
Additionally, Shaheen Al-Ghanem, the CEO of Warba Bank, also said that the bank was vying for a lead role in a KWD 350 million loan for the state-owned oil company, reported Reuters.