Kuwait petro firm picks banks for $750m loan
Kuwait, February 14, 2013
Kuwait Foreign Petroleum Exploration Company (Kufpec) has picked five banks to arrange a $750-million, five-year loan to help fund its general business operations, three banking sources told Reuters on Thursday.
Kufpec has chosen Bank of Tokyo-Mitsubishi, HSBC Holdings, JP Morgan Chase, National Bank of Kuwait (NBK) and Royal Bank of Scotland to arrange the loan, the sources said, speaking on condition of anonymity. NBK and JP Morgan are coordinating.
Kufpec is owned by state oil firm Kuwait Petroleum Company and has an international focus.
A Kufpec spokesman was not immediately available for comment.
A period of marketing to other banks is expected to start shortly. Should the deal commence syndication in the next few days, it is expected to close by the end of the first quarter, one of the sources, a regional banker, said.
Kufpec has a $320 million loan which matures in May. That facility was funded by ten banks led by Citigroup and NBK in 2008 and paid a margin of 100 basis points over the London interbank offered rate (Libor), according to Thomson Reuters data.
The new loan will not refinance this facility, which will be retired when it reaches maturity, a second banker, based in London, said.
In December, British oil major BP said Kufpec would acquire a 34.3 percent stake in the Yacheng gas field in the South China Sea for $308 million in cash. The deal is expected to complete in the second half of 2013.
Kufpec, which is active in exploration, development and production of crude oil and natural gas in Africa, Middle East, Asia and Australia, has also been linked with taking over part of a huge oil block in South Sudan previously controlled by France's Total.-Reuters
More Energy, Oil & Gas Stories
- Egypt to permit factories to use coal for energy
- ME oil, gas transaction value up 15pc
- Victrex to showcase new product in Paris
- Aramco JV puts off giant refinery overhaul to 2015
- Libya threatens to bomb N Korean tanker
- Bahrain 'producing 850MW of surplus power'
- 2,000 experts for Bahrain geosciences summit
- Libyan rebels start oil exports, bypassing govt
- Dubai drilling company set for London IPO
- Opec output soars on higher Iraq exports
- S Korea to pay Iran $550m under nuke deal
- Qatar LPG exports will stay unchanged till 2018
- $14bn Bahrain energy sector focus for summit
- Iraq now world's fastest-growing oil exporter
- Old IT systems pose risk to oil firms
- Thomson Reuters adds commodity monitoring tool
- Oil below $90 to hit GCC economies
- GlassPoint appoints new Oman director
- Sheffield company opens Dubai hub
- Oman targets big rise in gas output
- Intertek buys UAE firm for $66m
- Qaiwan to tender Baizan refinery EPC contract
- Al Maha wins Oman Air fuel supply deal
- Iran to become top gas importer by 2025
- UAE hydrocarbon projects seen hitting $11bn
- Summit focus on occupational safety
- Aramco names new senior VP
- Siemens gets $253m Qatar power contract
- Taqa-led group's India deal worth $1.6bn
- Taqa-led group to buy India power plants