Independent firm Kuwait Energy (KEC) last week pulled the plug on plans to borrow $100mn from the multilateral European Bank for Reconstruction & Development (EBRD). This comes less than a month after it inked an identically-sized “forward sale agreement” with trading house Vitol. The “financing facility for up to $100mn,” of which KEC drew down the first $40mn on 22 December, “will be repaid to Vitol via Kuwait Energy’s Iraqi crude entitlement.”...