July 9, 2019 / 12:35 PM / 2 months ago

UPDATE 1-Kuwait Petroleum hires NBK Capital to advise on $2 bln financing-sources

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KUWAIT, July 9 (Reuters) - Kuwait Petroleum Corp has hired NBK Capital to advise it on a financing of around $2 billion that is likely to come from Kuwaiti banks, two sources familiar with the matter said.

One of the sources said negotiations for the financing were in their early stages.

KPC did not immediately respond to a request for comment. NBK Capital declined to comment on the financing.

The state-owned oil company plans to invest hundreds of billions of dollars by 2040 as part of efforts to boost its crude oil production capacity to 4.75 million barrels per day by that date.

The firm’s former chief executive, Nizar al-Adsani, said last year KPC was looking to spend $114 billion by 2023 and an additional $394 billion beyond that up to 2040.

The CEO of Kuwait’s Warba Bank, Shaheen Al-Ghanem, told Reuters last week that Warba Bank was competing to get a lead role in a 350 million Kuwaiti dinar loan for KPC.

Reporting by Ahmed Hagagy and Davide Barbuscia; Editing by Saeed Azhar and Jane Merriman

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