OPEC Producer Taps Banks for $1.1 Billion Loan in Shale Push
- Kuwait’s Kufpec to drill 2,000 wells in Canadian shale patch
- Company targets pumping more oil as OPEC, allies boost output
Photographer: Matthew Busch/Bloomberg
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Kuwait Foreign Petroleum Exploration Co. is borrowing $1.1 billion to spend on oil and natural gas projects as the company plans to expand its shale operations, Chief Executive Officer Sheikh Nawaf Saud Al-Sabah said.
Sumitomo Mitsui Banking Corp. and Societe Generale SA were the joint lead arrangers of the five-year loan for Kufpec, a unit of state-run Kuwait Petroleum Corp., Al-Sabah said at a news conference in Kuwait City. The new financing includes a two-year grace period and is in addition to $3.5 billion that Kufpec has borrowed from banks since 2013. The company will finish repaying the $3.5 billion next year, he said.