EXCLUSIVE: Kuwait LNG terminal project appoints financial advisor

12 October 2017
Japanese bank will provide a mixture of export credit financing and commercial debt

Japan's Sumitomo Mitsui Banking Corporation (SMBC) has been appointed as the financial advisor on Kuwait's planned liquefied natural gas terminal, according to sources.

SMBC will provide a mixture of export credit financing and commercial debt for the project

Kuwait National Petrochemical Company (KNPC) is planning to build the LNG facility to meet domestic demand for gas and will become operational in 2020.

The main contract for the LNG terminal was awarded in 2016 to a consortium of South Korea's Hyundai Engineering Company, Hyundai Engineering & Construction Company and Korea Gas Corporation for $2.93bn.

KNPC is building a 615,000 barrel-a-day refinery at Al-Zour and has planned to develop a petrochemicals complex with olefins and aromatics facility.

The petrochemicals complex, which is being developed for the production of polypropylene and paraxylene and other chemicals is set to become operational in 2023.

The main engineering and procurement contracts for the Al-Zour refinery were awarded in mid-2015. Construction is underway with the facility set for a 2019 completion date.

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