Kuwait Petroleum Corp has hired NBK Capital to advise it on a financing of around $2bn that is likely to come from Kuwaiti banks, two sources familiar with the matter said.
One of the sources said negotiations for the financing were in their early stages.
KPC did not immediately respond to a request for comment. NBK Capital declined to comment on the financing.
The state-owned oil company plans to invest hundreds of billions of dollars by 2040 as part of efforts to boost its crude oil production capacity to 4.75 million barrels per day by that date.
The firm’s former chief executive, Nizar al-Adsani, said last year KPC was looking to spend $114bn by 2023 and an additional $394bn beyond that up to 2040.
The CEO of Kuwait’s Warba Bank, Shaheen Al-Ghanem, told Reuters last week that Warba Bank was competing to get a lead role in a KD350m loan for KPC.