Tuesday, October 20, 2015

Expanded business ties to bring Kuwait and Korea together

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

Image by www.zawya.com

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