S. Korea's trade insurer to offer US$1.15 bln financing for Kuwaiti LNG terminal

SEOUL, May 22 (Yonhap) -- South Korea's trade insurer said Tuesday that it plans to offer US$1.15 billion worth of coverage in the construction of a liquefied natural gas (LNG) terminal in Kuwait to support local builders.

In a statement, the Korea Trade Insurance Corp. (K-sure) said the money will be used in a project being managed by the Kuwait Integrated Petroleum Industries Co. (KIPIC).

Hyundai Engineering Co., Hyundai Engineering & Construction Co. and the Korea Gas Corp. (KOGAS) formed a consortium and secured the deal to build the LNG facility at the Al-Zour industrial complex in 2016.

K-sure said it had signed a deal with KIPIC's parent company for a $6 billion funding arrangement a year before the consortium won the project.

"The prior business agreement effectively laid the foundation for South Korean business to win the large contract," an official for the public insurance corporation said.

yonngong@yna.co.kr
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