SEOUL -- Kuwait Petroleum Corporation (KPC) and the Export-Import Bank
of Korea on Monday signed a memorandum of understanding for joint cooperation
in the finance and business sectors.
The agreement will contribute to the acceleration
of the financing of projects overseen by KPC and to promote the competitiveness
between Korean companies to win tenders in Kuwait, Export-Import Bank of Korea
said in a statement.
The bank is planning to finance modernization
projects for oil refineries in Kuwait worth about USD 12 billion under the
supervision of KPC through the establishment of cooperative relationships with
local companies, the statement added.
The signing of the agreement was overseen by Export-Import Bank of
Korea's senior Executive Director Choi Sung-Hwan and Managing Director for
Planning and Finance at KPC Mohamed Al-Farhoud.
The Kuwait Petroleum Corporation has plans to invest about USD 100
billion in the energy sector over the next five years
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