National Bank of Kuwait and JPMorgan Chase have led a consortium of banks in arranging a $750 million syndicated loan to Kuwait Foreign Petroleum Exploration Co. (KUFPEC), a statement said Wednesday.
The five-year term loan will be used for KUFPEC's general corporate purposes and to finance international expansion plans, NBK said in a statement.
KUFPEC is the foreign oil and gas exploration arm of state-owned national conglomerate Kuwait Petroleum Corp. (KPC) and has operations in 14 countries spread over Africa, the Middle East and the Asia-Pacific region.
NBK and JPMorgan acted as joint coordinators, while NBK was also appointed as facility agent, the statement said.
Among banks taking part in providing the loan are the Bank of Tokyo-Mitsubishi UFJ, HSBC and the Royal Bank of Scotland, Europe Arab Bank, Qatar National Bank and Kuwait's Burgan Bank, Gulf Bank, Commercial Bank and Al-Ahli Bank.