Kuwait Oil Sector Reports ‘Exceptional’ KD2.6 Billion Profits

Kuwait’s oil sector achieved “exceptional” profits of KD2.6bn ($8.4bn) for the fiscal year 2022-2023, according to official figures.

The details were revealed by Kuwait Petroleum Corporation (KPC) CEO Sheikh Nawaf Saud Al Sabah in a speech on Wednesday, during the annual meeting of senior oil sector officials, organised by the Petrochemical Industries Company.

He added that KPC is following international standards in the field in training and preparing young employees to develop skills in the industry.

Meanwhile, the CEO said that the Al Zour Refinery is producing 615,000 barrels a day, making it one of the biggest refineries in the world.

Meanwhile, the Duqm Refinery is generating 230,000 barrels a day.

Sheikh Nawaf Al Sabah also said that KPC is one of the pioneers in supervising projects and creating global partnerships, leading the company to gain profits worth KD1.7bn ($5.5bn) in the past ten years

CEO of the Petrochemical Industries Company Nadia Al-Hajji said at the event the oil sector celebrated many achievements in 2022, despite the many challenges in the field, posed by global economic and political crises.

She affirmed the need to execute strategic initiatives on sustainability, turning to renewable energy, protecting the environment, digitalisation and encouraging innovation.


Arabian Business
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