Kuwait's state oil company seeks JIBC insurance for $1 billion

(Reuters, Kuwait, 7 June 2022) The state-owned Kuwait Petroleum Corporation is seeking to borrow up to $1 billion from banks including HSBC and JPMorgan, according to a parliamentary document reviewed by Reuters. The Kuwait Petroleum Corporation is currently negotiating with the Japanese export credit agency JIBC to provide insurance cover for the financing that the corporation will obtain from a group of international banks, including HSBC and JPMorgan, with a value not exceeding $1 billion for a period of 13 years, The financing will be used for capital expenditure, including on oil and gas production.