KPC in $1 bln MoU with Japanese company NEXI – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News
- Date: 10-Apr-2022
- Source: Arab Times Kuwait
- Sector:Economy
- Country:Middle East
KPC in $1 bln MoU with Japanese company NEXI – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News
Funds for development & investments
ACCORDING to an announcement made by Kuwait Petroleum Corporation (KPC), it has signed a memorandum of understanding with Nippon for financing and cash support through its investments and export company NEXI, for exploring business opportunities between the two companies in the energy sector, for the import of Japanese goods and services to Kuwait, and for exploring ways to reduce gas emissions.
The borrowing of funds and outside financing by KPC is a clear sign that it is running out of cash, or its own profits of the last many years. This happened after the government decided to take over all of KPC’s net profits of more than $30 billion to perhaps decrease its debts and support other immediate domestic needs.
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