Kuwait state-owned oil company Kuwait Petroleum Corp has signed a memorandum of understanding (MoU) with the Export-Import Bank of Korea (Korea Eximbank) to finance US$5bn for its projects in Kuwait.
Part of the funds will be directed to KPC's Clean Fuel Projects and the Al-Zour refinery project that will be built by South Korean companies. Kuwait's National Petroleum Company (KNPC, part of the KPC group) plans to start the commissioning of the Clean Fuels Project in April 2018; this project is aimed at upgrading and expanding two refineries in Mina Abdulla and Mina Al-Ahmadi by 64 000bbl/d to 800 000 bbl/d (integrated in a single complex with Shuaiba, which will be shut down in 2018).
The financing package will also be directed to the construction of the al-Zour refinery, which will be built by a consortium including South Korean companies Daewoo Engineering and Construction, Hyundai Heavy Industries and SK Engineering and Construction.