#Kuwait sovereign fund to get over $1.8 bln per year from KPC – sources | Reuters

Kuwait sovereign fund to get over $1.8 bln per year from KPC – sources | Reuters

Kuwait’s sovereign wealth fund and state-owned Kuwait Petroleum Corporation (KPC) reached an agreement under which KPC will pay 8.25 billion Kuwaiti dinars ($27.44 billion) in accrued dividends over 15 years, two sources said.

KPC has owed for years about 7 billion Kuwaiti dinars in dividends to the General Reserve Fund (GRF), one of Kuwait’s sovereign funds, tasked with covering budget deficits.

The company and GRF have recently agreed a repayment schedule by which KPC will pay 550 million dinars ($1.83 billion) annually to the GRF during the next 15 years, said a government source and a source familiar with the agreement.