Oil & Gas Kuwaiti oil company borrows $1bn to fund new projects By Nadim Kawach June 11, 2025, 5:01 PM Alamy/Christian Lagerek Kuwait's Independent Petroleum Group has renewed $1 billion of credit facilities with four banks there IPG ships and produces oil Credit lines from four banks Contributing to oil sector expansion Kuwait’s Independent Petroleum Group (IPG), which is listed on the local bourse, is borrowing nearly KD326.6 million ($1 billion) to fund new projects. “IPG has finalised agreements with four conventional and Islamic banks in Kuwait for the renewal of credit facilities worth KD326.6 million,” the company said in a statement to the Kuwait exchange. The company did not say which projects the credit will be used to finance. IPG is one of the leading private oil and shipping companies in Kuwait. It primarily operates, together with its subsidiaries, in the petroleum industry sector. Kuwait plans to pump as much as $50 billion into projects to expand its oil production capacity to more than 3 million barrels per day (bpd) over the next five years, a senior oil official there said last month. The investments are part of a longer-term plan to lift the country’s crude output capacity to nearly 4 million bpd by 2040, according to Sheikh Nawaf Al-Sabah, deputy chairman of the Kuwait Petroleum Corporation, which manages the country’s hydrocarbon industry. Kuwait to borrow up to $20bn over next year The KIA maintains its low profile approach – for now Kuwait hopes PPP projects will help end power crisis Kuwait controls around 101 billion barrels of recoverable oil deposits, the world’s sixth-largest reserves. At present output levels, and in the absence of further crude discoveries, they could last for more than a century. Listed on the Kuwait bourse since 1995, IPG has a share price of KWD0.55, an increase of 16 percent for the year to date. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
