Slaughter and May and The Law Office of Bader Saud Al Bader and Partners have advised the international arm of Kuwait's state oil company on the signing of $750 million, five-year syndicated loan.
Kuwait Foreign Petroleum Exploration Company (Kufpec) said five banks - Bank of Tokyo-Mitsubishi, HSBC, JP Morgan Chase, National Bank of Kuwait and Royal Bank of Scotland - had arranged the loan, which it will use to increase liquidity and support its global operations.
The Slaughter and May team was led by partners Philip Snell and William Watson. ASAR- Al Ruwayeh & Partners, represented by Rob Little and John Cunha, acted as Kuwait law counsel to the lead arrangers and agents.
Kufpec is active in exploration, development and production of crude oil and natural gas in Africa, Middle East, Asia and Australia. It is planning to increase production capacity to 200,000 barrels of oil equivalent per day and boost its reserves to 650 million barrels by 2020.
OPEC member Kuwait produces around three million barrels of oil per day. It wants to increase that to four million by 2020.
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