The Export-Import Bank of Korea (Korea Eximbank) has announced that the South Korean bank had signed an MoU with Kuwait Petroleum Corporation (KPC) to finance US$5bn for some of the company’s projects in Kuwait
Of the total US$5bn, some of it will be used to finance the combined US$6.7bn for three deals of KPC’s Clean Fuel Projects that South Korean builders had won, while the remainder will be used for upcoming contracts if the Asian nation’s firms win, according to the bank statement.
The breakdown of the financing is not finalised yet.
Commissioning for the Clean Fuel Project, by Kuwait’s National Petroleum Company (KNPC) set to start in April 2018, is to upgrade and expand two of Kuwait’s largest refineries to focus on producing higher-value products for export, such as diesel and kerosene.
KNPC, owned by KPC, was awarded US$11.5bn worth of contracts in July to build the al-Zour oil refinery to a consortium including Daewoo Engineering and Construction, Hyundai Heavy Industries and SK Engineering and Construction.
