Kuwait Petroleum Corporation (KPC) said on Tuesday it has signed a 1.5 billion dinar ($4.89 billion) syndicated loan arranged by National Bank of Kuwait and Kuwait Finance House. The facility is the largest syndicated loan ever denominated in Kuwaiti dinars, the state oil company said. The loan comprises two tranches: an 825 million dinar conventional facility and a 675 million dinar Islamic tranche. KPC said the financing will support its long-term strategy, which targets raising oil production capacity to 4 million barrels per day by 2035. Kuwait pumped 2.55 million bpd in October, according to OPEC’s November oil market report. KPC CEO Sheikh Nawaf Saud Al-Sabah the loan will help fund the strategy and forms part of the company’s efforts to diversify its funding sources.