KPC gets go ahead to borrow KD16 bln

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KUWAIT CITY, April 18: The Kuwait Petroleum Corporation (KPC) has got the approval of the Council of Ministers during the first deliberation to proceed with the financing of its strategic plans by borrowing 16 billion dinars over the next five years, reports Al-Rai daily quoting familiar sources. While the sources pointed out that the final decision in this regard, pending the second deliberation by the Council of Ministers, indicated that the Ministry of Finance has recommended the approval of the plans of the KPC to proceed with the completion of its funding plans in coordination with the Ministry and the Committee of the General Debt, the Central Bank and the Kuwait Investment Authority on the mechanism and method of borrowing. The sources considered the recommendation of the Finance Ministry to approve the plans of the Oil Ministry to borrow is the evidence of confidence in the work of the institution.

The sources pointed out there are 3 fundamentals based on approval according to studies, namely the existence of financial fl ows appropriate to enable the institution to meet the loan and installments, and benefits, and the transfer of part of the profits to the State and the implementation of projects at the same time

This news has been read 15016 times!