Kufpec, an overseas upstream arm of KPC, has signed a $1.1bn loan with a consortium of banks to expand its oil and gas operations, the company’s CEO Shaikh Nawaf Al Sabah said.

Sumitomo Mitsui Banking Corporation, and Societe Generale are the joint lead managers of the five-year loan, with other participants consisting of First Abu Dhabi Bank, Japan’s Mizuho and Scotiabank. The new loan includes a two-year grace period .

Kufpec long targeted 200,000 boe/d as its 2020 goal, but...