SACE 625 million dollars for Italian exports to Kuwait
12 January 2018
SACE has guaranteed a USD 625M loan issued by a pool of international banks, leaded by BBVA SA Milan Branch in the role of SACE Facility Agent, in favor of Kuwait National Petroleum Company (KNPC), the flagship company of Kuwait Petroleum Corporation KPC.
The line of credit will help finance KNPC's Clean Fuels strategic project, amounting at USD 14.5 B, which includes the modernization and expansion of the Mina Abdullah and Mina Al-Ahmadi refineries in order to create a highly-efficient, integrated complex that can satisfy the local and international demand for high-value added petroleum products with reduced environmental impact.
This is the new transaction concluded by SACE under its Push Strategy, the new proactive approach introduced with the 2016-2020 business plan, which strives to facilitate and strengthen the competitiveness of Italian exports among selected foreign buyers.
For this purpose, specific meetings between the top management of the Kuwaiti petroleum group and interested Italian companies and business match-making events were organized in Abu Dhabi during the ADIPEC international trade show.