Kuwait Petroleum Corporation (KPC), the national oil corporation of Kuwait, announced a significant milestone with its highest net profit in the last 10 years, surpassing $8.5 billion for the fiscal year that ended on March 31, 2023. CEO Sheikh Nawaf Saud Al-Sabah made this statement.
In a recent address published on KPC YouTube page, the company's CEO, Al-Sabah, announced that for the fiscal year ended March 31, 2023, KPC and its subsidiaries achieved a net profit exceeding 2.6 billion Kuwaiti dinars, which is approximately $8.5 billion according to TASS note. He further emphasized that this net profit marks the highest earnings achieved by the corporation in the past 10 years.
"Kuwait Oil Company and Kuwait Gulf Oil Company were able to increase production capacity by more than 200,000 barrels per day [bpd] at the end of the fiscal year. As a result, Kuwait's total production capacity now stands at 2.8 million bpd, Al-Sabah said. The future plans involve further growth, aiming to increase oil production to 4 million bpd by the year 2035, he added.
The KPC CEO highlighted a significant increase in the corporation's refining capacity at the national level during the reporting period, rising by 50% from 800,000 bpd to 1.2 million bpd.
"We are aiming to further raise it to 1.4 million bpd once the Al-Zour refinery becomes fully operational in this quarter of the current fiscal year," he emphasized. Additionally, Al-Sabah mentioned that the Duqm refinery in Oman is scheduled to commence commercial operations by the end of this year. As a result, the corporation's refining capacity at facilities in Oman, Vietnam and Italy will surpass 600,000 bpd.
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Based on materials from TASS