KUWAIT: Kuwait National Petroleum Company (KNPC) expects to close the first phase of funding for its multi-billion-dollar Clean Fuels Project with local banks as early as the first week of April, the state oil refiner told Kuwait News Agency.

Part of the country›s KD30-billion ($100 billion) economic development plan, the Clean Fuels Project will upgrade and expand two of its largest existing refineries with a focus on producing higher-value products such as diesel and kerosene for export. KNPC was in advanced talks with local conventional and Islamic banks to secure a KD900 million loan of 10 years, chief executive Mohammed Al Mutairi was quoted as saying.