National Bank of Kuwait (NBK) plans to sell down part of the KD600 million ($1.99 billion) it is contributing to Kuwait National Petroleum Company's Clean Fuels Project loan to other banks, it said in a statement.

 

NBK and Kuwait Finance House are leading the arranging of the first tranche of the funding, which includes a 10-year, KD900-million loan.

 

The sale of NBK's part of the loan, known as syndicating, will happen at a later date, the bank said without elaborating.

 

Part of the country's KD30-billion economic development plan, the Clean Fuels Project will upgrade and expand two of the Gulf Arab state's largest existing refineries with a focus on producing higher-value products such as diesel and kerosene for export. - Reuters