The Arab Energy Fund, a multilateral impact financial institution, has led and closed a $346 million Reserve-Based Financing (RBL) Facility for Kuwait Energy Basra (KEBL), operator of Block 9 (Faihaa Field) in southern Iraq and a wholly owned subsidiary of United Energy Group Limited (UEG), an integrated energy company listed on the Hong Kong Stock Exchange.

The RBL Facility provides KEBL with support for the next phase of Block 9’s expansion and development.

The financing enables continued drilling, infrastructure optimisation, and enhanced production potential, ultimately contributing to increased output for Iraq and supporting the country’s ongoing efforts to strengthen its energy sector.

The Arab Energy Fund was mandated in 2024 as the Initial Mandated Lead Arranger and Structuring Bank, leading the transaction from inception through to financial close.

Kuwait Finance House (DIFC Branch) and Trafigura joined at the syndication stage as Mandated Lead Arrangers.

Nicolas Thévenot, Chief Banking Officer of The Arab Energy Fund, said: "This successful close reflects The Arab Energy Fund’s ability to structure and lead sophisticated financing solutions grounded in real operational needs, as well as our deep understanding of upstream project fundamentals. We are proud to partner with UEG, KFH, and Trafigura to support the continued expansion of Block 9 and contribute to strengthening Iraq’s energy ecosystem."