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Commodities

Japan, U.S., U.K. lenders loan Kuwait $1bn to boost oil output

HSBC, JPMorgan also join deal amid turbulent energy markets

Disruptions caused by the war in Ukraine and sanctions on Russia have dominated oil markets for the past few weeks, skyrocketing prices.

TOKYO -- Japan's three biggest banks are teaming up with major U.S. and European lenders to loan $1 billion to help Kuwait increase oil output, seeking to calm energy markets roiled by Russia's invasion of Ukraine. 

Mizuho Bank, Sumitomo Mitsui Banking Corp. and MUFG Bank are making the loan to Kuwait Petroleum Corp., along with HSBC and JPMorgan Chase. Mizuho is expected to be the lead underwriter.

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