JPMorgan Chase (JPM) is to be hired by Kuwait Petroleum to help the state-owned oil and gas company lease part of its pipeline network, Bloomberg reported Thursday, citing people familiar with the matter.

Kuwait Petroleum aims to raise up to $7 billion through the deal to help fund its expansion plans, the report said.

The discussions are still ongoing, and no final decision has been made yet, the report said, adding that a final plan will require the final approval of the government of Kuwait.

JPMorgan Chase did not immediately respond to MT Newswires' request for comment.

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