Kuwait – Mubasher: Kuwait National Petroleum Co (KNPC) has signed a finance agreement worth $6.2 billion with representatives of export credit agencies and international banks.

The agreement will finance the Clean Fuel Project, affiliated to the Kuwait Petroleum Corporation (KPC), according to KNPC’s press release on Wednesday.

The KPC has earmarked about KWD 37 billion to execute the capital spending programme throughout five years, the CEO of the KPC, Nizar Al Adsani, said.

He added that the KPC’s strategy is set for raising the crude oil production to 4 million barrels per day (bpd), and for endorsing the refining capacity to reach 1.4 million bpd.