Kuwait Petroleum Corporation (KPC) has hired NBK Capital, a fully owned subsidiary of the National Bank of Kuwait (NBK), as a financial advisor as the company seeks to obtain $2 billion in finances, Reuters reported.
The funds will likely be provided by Kuwaiti banks. However, negotiations for the needed finances is reportedly still in its early stages.
The company’s former CEO, Nizar Al-Adsani, previously said that KPC was looking to spend $114 billion by 2023 and an additional $394 billion beyond that up to 2040. Meanwhile, Warba Bank CEO Shaheen Al-Ghanem has expressed interest in competing to provide a $1.15 billion loan for KPC, according to Reuters.
KPC recently discussed with the Egyptian Minister of Petroleum Tarek El-Molla refining Kuwaiti crude oil in Egyptian refineries, as well as exporting Kuwaiti petroleum products to the Egyptian market, and increasing KPC’s investments in Egypt.