Kuwait’s Kufpec signs $1.1 bln finance deal

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KUWAIT, July 31 (Reuters) – Kuwait Foreign Petroleum Exploration Company (Kufpec) has signed a $1.1 billion finance deal with a number of banks to help it expand its oil and gas operations, the company’s chief executive said on Tuesday.

Japan’s Sumitomo Mitsui Banking Corporation (SMBC), First Abu Dhabi Bank, Societe Generale, Japan’s Mizuho and Scotiabank are the banks involved in the transaction, according to a company statement.

Kufpec, a subsidiary of state-owned Kuwait Petroleum Corporation (KPC), aims to boost its output to 150,000 barrels of oil equivalent per day (boed) by 2020 from 119,000 boed now, Sheikh Nawaf al-Sabah told a news conference in Kuwait City.

He also said the company was currently studying new future oil and gas acquisitions abroad, without specifying more details.

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