Mubasher: The Kuwait Petroleum Corporation (KPC) seeks to borrow KWD 16 billion over the coming five years after it obtained Cabinet of Kuwait’s approval, informed sources told Al Rai newspaper.

The cabinet greenlighted KPC’s loans to enable the state-run firm to complete its financing plans over the next period, the sources added.

KPC’s facilities will have long-term maturity and are to be secured via commercial lending, credit guarantee agencies, or through bond issues.