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Kuwait KPC, Japan's Nippon Sign $1 Billion MoU to Enhance Economic Cooperation

Kuwait KPC, Japan's Nippon Sign $1 Billion MoU to Enhance Economic Cooperation

Thursday, 31 March, 2022 - 15:15
An aerial view shows Kuwait city. Reuters

Kuwait Petroleum Corporation on Thursday signed a memorandum of understanding with the Japanese Nippon Export Investment Insurance (NEXI) to fund projects at a value estimated at one billion dollars.


KPC said in a statement that the MoU was inked to bolster bilateral relations between Kuwait and Japan and deepen economic and trade cooperation. It was co-signed by KPC Chief Executive Officer Sheikh Nawaf Saud Al-Sabah and a senior executive of the Japanese company.


Attending the signing ceremony were Deputy Prime Minister, Minister of Oil and Minister of State for Cabinet Affairs and KPC Chairman, Dr. Mohammad Al-Fares, and Japanese Minister of Economy and Commerce Hagiuda Koichi.


The Japanese firm will cooperate with KPC to find investment opportunities for Japanese companies in Kuwait and contribute to initiatives designed to cut carbon emissions. Moreover, it aims to promote Japanese products in Kuwait and provide credit facilities for projects executed by the KPC and its affiliates.


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