Kuwaiti oil firm chooses banks for loans

The Kuwait Foreign Petroleum Exploration Company (Kufpec) has chosen the banks to finance a loan $750 million loan agreement, according to reports

Kuwait Foreign Petroleum Exploration Company (Kufpec) has reportedly picked five banks to arrange a $750 million, five-year loan.

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, reported Reuters, citing three banking sources. NBK and JP Morgan are said to be coordinating.

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, Reuters quotes one of the sources as saying.