RIYADH: The Arab Energy Fund has led and closed a $346 million reserve-based financing facility for Kuwait Energy Basra Limited, the operator of Block 9 in southern Iraq, in a move that will support the next phase of expansion and development at the field,
The facility will also enable KEBL — a wholly owned subsidiary of Hong Kong-listed United Energy Group Limited — to continue drilling activities, optimize infrastructure, and enhance production capacity at Block 9, contributing to increased output and supporting Iraq’s efforts to strengthen its energy sector.
The facility’s closing comes at a pivotal time for Iraq’s broader energy strategy as the country seeks to expand oil production capacity and navigate operational uncertainties at major fields.
Nicolas Thevenot, chief banking officer of the Arab Energy Fund, said: “This successful close reflects the Arab Energy Fund’s ability to structure and lead sophisticated financing solutions grounded in real operational needs, as well as our deep understanding of upstream project fundamentals.”
He added: “We are proud to partner with UEG, KFH, and Trafigura to support the continued expansion of Block 9 and contribute to strengthening Iraq’s energy ecosystem.”
