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KPC plans to secure loan of KD 16 billion

November 5, 2018

Move aims at supporting its capital projects for next 5 years

KUWAIT CITY, Nov 4: Informed sources disclosed that Kuwait Petroleum Corporation (KPC) is planning to secure a loan of KD 16 billion to support its capital projects for the next five years, reports Al-Rai daily.

The same sources added the request has been presented to Cabinet by the Economic Committee, adding the projects aim to increase Kuwait’s oil production by 4 million barrels per day while the current production is about 3 million barrels, indicating plan to develop oil exploration to reach 2000 wells in order to achieve the target production rate.

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Meanwhile, Central Bank of Kuwait affirmed that study provided by KPC in that regard should be accurate and integrated in terms of feasibility

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