The law firm of Clifford Chance will be advising the Kuwait National Petroleum Company (KNPC) on its multibillion-dollar Clean Fuels Project (CFP), the first time that KNPC has looked to access debt markets.
The CFP is intended to upgrade and expand Kuwait’s two largest refineries, at Mina Abdulla and Mina Al-Ahmadi. The CFP will see the two refineries transformed into an assimilated commercial refining complex, the emphasis of which will be to produce products of greater value. This will include both diesel and kerosene for exportation. The complex will be able to hold 800,000 barrels a day once the project has been completed.
The first phase of financing for the project will close in early April with the local banks. The lead banks involved in the deal are the National Bank of Kuwait and the Kuwait Finance House. Future financial phases of the project are anticipated to be open to international banks and credit agencies.
Clifford Chance Partner Peter Avery will lead the law firm’s team and will supported by Senior Associates Mark Valenzia and Yiting Xu, and Associate Lilly Alamir.
