Latest News
- No Transactions Without Biometrics
- Passenger Caught With Pure Cocaine From Europe
- The Elderly Man Was Not Insulted By Me
- 97% Of MEW Workforce Are Kuwaitis; Strength 34,417
- Rushing Home For 'iftar' Causes Accidents And Deaths
- Expect Hot Days, Cool Nights, And Thunderstorms In Kuwait
- Health Procedures For Expatriates Updated
- Kuwait's Agility Global Seeks Inclusion On Abu Dhabi's ADX
- Public Authority For Industry Completes Industry Law Amendment P...
- Indian Ambassador Hosts Ramadan Celebration In Kuwait
- Al-Mashaan Grants Authority For Transfers Of Municipal Departmen...
- For The Expansion Of The Subiya Site, 204.178 Million Dinars And...
Kuwait Energy Signs 100 Million Dollar Financing Facility With Vitol
Kuwait Energy said on Wednesday it signed a forward sale agreement with Vitol providing it with a financing facility for up to $100 million.
The Kuwaiti oil and gas exploration and production company, with assets in Egypt, Iraq, Oman and Yemen, said it has received the first drawdown of $40 million on Dec. 22, and that Vitol will be repaid via Iraqi crude entitled to Kuwait Energy.
The agreement with Vitol will enable Kuwait Energy to continue with its production plans in Block 9 in Iraq by bringing more wells on stream and increasing output.
"$80 million of the proceeds will be spent on Block 9 development (in Iraq) and the remaining $20 million to be spent on Egyptian assets," the company said in a statement.
Â
SOURCE : ARABIANBUSINESS
Trending News
-
MoI Urges Biometric Fingerprinting Compliance Ahea...
21 March 2024
-
5 Days Holiday For Eid Al-Fitr Begins On April 9th
25 March 2024
-
Over 120,000 Expat Offenders Will Benefit From Kuw...
14 March 2024
-
Kuwait Offering Amnesty To Illegal Expats
17 March 2024
-
From April 1 To July 1, Kuwait Grants Amnesty To V...
14 March 2024
-
Kuwaiti Banks Elevate Non-Resident Credit To 4.17...
18 March 2024
-
Central Bank Of Kuwait Provides Banks With New Ba...
20 March 2024
-
Banks In Kuwait Report Robust Profits Despite The...
21 March 2024
-
Kuwait's Clean Energy Journey: Progress And Challe...
23 March 2024
-
Driving Licenses With Smart Technology
25 March 2024
Comments Post Comment