FINANCIAL LIABILITY, KUWAIT PETROLEUM BORROWS DOLLAR $1 BILLION

  • 01/07/2021

Kuwait City: Kuwait Petroleum Minister Mohammed al-Faris has confirmed that the Kuwait Petroleum Corporation is borrowing $ 1 billion. He revealed that he decided to take a loan because he could not move forward financially with the resources of the corporation.


The formalities for taking a loan from the Italian credit agency SACE have been completed. He added that the loan amount was US $ 1 billion. KPC plans to invest in a number of capital projects aimed at growing the oil sector. The Corporation has a financial obligation to the country, its customers, suppliers and workers. This is the reason for taking loan, he said.

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