The Arab Energy Fund, a multilateral lender in which Bahrain owns 3 per cent stake, has closed a $346 million reserve-based lending (RBL) facility for Kuwait Energy Basra (KEBL) to fund the expansion of the Block 9 Faihaa field in southern Iraq.
The Arab Energy Fund acted as the initial mandated lead arranger and structuring bank for the transaction.
Kuwait Finance House (KFH) and commodities trader Trafigura joined the facility as mandated lead arrangers at the syndication stage.
KEBL is a wholly-owned subsidiary of the Hong Kong-listed United Energy Group (UEG).
The financing is earmarked for the next phase of development at Block 9, including continued drilling and infrastructure optimisation to boost Iraq’s oil output.
The Faihaa field is considered a critical asset for Iraq’s long-term production targets and regional energy security.
“This successful close reflects our ability to structure sophisticated financing solutions grounded in real operational needs,” said Nicolas Thévenot, chief banking officer of The Arab Energy Fund.
The move underscores the fund’s mandate to support upstream energy projects and infrastructure development across the Middle East and North Africa region.
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