The Export-Import Bank of Korea (Korea Eximbank) on Monday said it had signed a memorandum of understanding with Kuwait Petroleum Corp (KPC) to finance $5bn for some of the state-run oil company’s projects in Kuwait.
Of the total $5bn, some will finance the combined $6.7bn three deals of KPC’s Clean Fuel Projects that South Korean builders had won, Reuters reports.
The remainder will be used for upcoming contracts if South Korean firms win, according to the bank statement and its official.
The breakdown of the financing is not finalised yet.
Commissioning for the Clean Fuel Project by Kuwait’s National Petroleum Company (KNPC), set to start in April 2018, is to upgrade and expand two of Kuwait’s largest refineries to focus on producing higher-value products for export, such as diesel and kerosene.
KNPC, owned by KPC, was awarded $11.5bn worth of contracts in July to build Al Zour oil refinery to a consortium including Daewoo Engineering and Construction, Hyundai Heavy Industries and SK Engineering and Construction.
