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KUWAIT, April 26 (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.