- President delivered congratulatory remarks on behalf of the project creditors
- Korean constructors and 136 small equipment makers joining the project thanks to K-sure’s support


■ Korea Trade Insurance Corporation (K-sure, www.ksure.or.kr, Moon Jae-do, president) announced that Mr. Moon Jae-do, Chairman and President of K-sure joined the signing ceremony of financial closing of the Clean Fuel Project (CFP) and delivered congratulatory remarks on behalf of project creditors at the ceremony held on May 24 (local time) at the Headquarters of Kuwait National Petroleum Company (KNPC).


○ In February this year, K-sure announced its decision of providing U$ 3 billion of export credit to CFP for supporting the exports of 5 Korean construction majors and 136 small plant part and equipment makers.


○ The signing ceremony hosted by CEOs of Kuwait Petroleum Company and Kuwait National Petroleum Company was celebrated by more than one hundred participants with delegations from seven ECAs, ten global commercial banks and foreign ambassadors to Kuwait including Ambassador Yoo Yeon-cheol of Korea to the country.


○ In his congratulatory speech, President Moon delivered the message of success by quoting an Arabic proverb, “If a wind blows, ride it,” and drew much appreciation from the audience by saying “Every one of us here today are ready to make the strong wind for the success of State of Kuwait,” and “All you need to do is just to ride on.”


■ With the aim of producing high-value added refined oil products with enhanced productivity, the Clean Fuel Project is initiated by KNPC with the guarantee of KNPC at the oil refineries located in Mina Al Ahmadi (MAA) and Mina Abdullah.

* KPC : Kuwait Petroleum Company: Owns the 100% of share of KNPC
* KNPC: Kuwait National Petroleum Company


○ Currently five Korean construction majors are participating in the project for the construction of a U$7.1 billion plant. Additional 136 Korean small plant parts and equipments makers will join in the project as KNPC partners through exports of their products for equipment supply.


○ Among the total project amount of U$14.6 billion, U$ 10 billion was channeled by export financing and U$ 6.2 billion of the amount will be provided via a consortium of seven ECAs from five countries including K-sure.


○ In the amount, K-sure, in particular, agreed to provide U$ 3 billion, almost half the amount, playing a significant role for the successful financial closing of the project.


■ Mr. Moon Jae-do, president of K-sure stated that “With the prices of international oil stabilizing in the downward trend at U$50 per barrel level, major sponsors in oil producing countries, who used to settle the payment in cash during the days of high oil prices, are showing their keen interest in debt financing for capital mobilization for project financing.


○ With the role of providing competitive financial support getting more significant for a successful bidding at the global project market, K-sure will do its utmost to help Korean companies win the global project market by expanding its global network with major sponsors and providing competitive project financing programs to notch up the competitiveness of Korean constructors and small part and equipment exporters.“



* Mr. Moon Jae-do, Chairman and President of K-sure, delivering the congratulatory remarks on behalf of the ECAs and creditors participating in the project at the signing ceremony for CFP financial closing held on May 24 (local time) at the Headquarters of KNPC.



* Mr. Moon Jae-do (right), Chairman and President of K-sure, singing the CFP financial closing contract with Mr. Mohammad Ghazi Al-Mutairi, CEO of KNPC at the signing ceremony held at the Headqurters of KNPC on May 24 (local time).