Financing for Kuwait project
The Korea Export-Import Bank and the Korea Trade Insurance Corporation will provide a total of US$ 2.3 billion for three Korean companies to build Kuwait's first LNG import terminal.
According to the Korea Export-Import Bank on May 20, the LNG import terminal project costs a total of US$3.6 billion, with payment guaranteed by the Kuwait Petroleum Corporation (KPC). The project will be implemented by Kuwait Integrated Petroleum Industries Company (KIPIC), a major affiliate of the KPC.
When the LNG import terminal is completed in 2021, 11 million tons of gas will be supplied throughout Kuwait each year. The Korea Export-Import Bank decided to provide US$1.15 billion for the project.
The Korea Trade Insurance Corporation will also provide US$1.15 billion in export insurance. Therefore, the two Korean public export credit agencies (ECAs) will together provide US$2.3 billion of the US$2.6 billion to be raised through borrowings for the project.