Mubasher: Qurain Petrochemical Industries has reached an agreement with two local banks to refinance part of its current debts valued at $120 million with better funding conditions.

The Boursa Kuwait-listed firm is in negotiations with other banks over financing the remaining part of its debts, according to a statement on Sunday.

At the stock level, Qurain Petrochemical closed Sunday’s session 0.62% lower at 318 fils.