Kuwait’s Independent Petroleum Group (IPG), which is listed on the local stock exchange, is borrowing KD326.6m ($1bn) to fund its operations as it pursues new projects in Africa.In a statement it said: “IPG has signed credit facility renewal agreements with four commercial and Islamic banks with the aim of financing the company’s ongoing oil activities.”IPG was formed in 1976 and listed on the Kuwait Stock Exchange on 10 December 1995.The company markets petroleum products and crude oil and develops petroleum logistics facilities to facilitate its business objectives.In April, IPG was awarded oil construction contracts in Sudan and Mozambique with a combined value of around $50m.The project in Port Sudan on the Red Sea involves the construction of oil storage tanks with a value of nearly $30m.The second contract includes building liquefied petroleum gas tanks in Matola near the capital city of Maputo.In a statement released in April, the company said: “The two projects will have a positive impact on the company’s revenues and its performance in the medium and long term.” (ICE KUWAIT)

Fonte notizia: Meed