The Arab Energy Fund, a multilateral impact financial institution, has led and closed a $346 million Reserve-Based Financing (RBL) Facility for Kuwait Energy Basra Limited (KEBL), operator of Block 9 (Faihaa Field) in southern Iraq and a wholly owned subsidiary of United Energy Group Limited (UEG), an integrated energy company listed on the Hong Kong Stock Exchange.
The RBL Facility provides KEBL with support
for the next phase of Block 9’s expansion and development.
The financing enables continued drilling,
infrastructure optimisation, and enhanced production potential, ultimately
contributing to increased output for Iraq and supporting the country’s ongoing
efforts to strengthen its energy sector.
The Arab Energy Fund was mandated in 2024
as the Initial Mandated Lead Arranger and Structuring Bank, leading the
transaction from inception through to financial close.
Kuwait Finance House (DIFC Branch) and
Trafigura joined at the syndication stage as Mandated Lead Arrangers.
Nicolas Thévenot, 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. 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.” -OGN/TradeArabia News Service
