KPC plans to secure loan of KD 16 billion

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Move aims at supporting its capital projects for next 5 years

KUWAIT CITY, Nov 4: Informed sources disclosed that Kuwait Petroleum Corporation (KPC) is planning to secure a loan of KD 16 billion to support its capital projects for the next five years, reports Al-Rai daily.

The same sources added the request has been presented to Cabinet by the Economic Committee, adding the projects aim to increase Kuwait’s oil production by 4 million barrels per day while the current production is about 3 million barrels, indicating plan to develop oil exploration to reach 2000 wells in order to achieve the target production rate.

Meanwhile, Central Bank of Kuwait affirmed that study provided by KPC in that regard should be accurate and integrated in terms of feasibility

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