Kuwait's oil sector achieved "exceptional" profits of KD 2.6 billion (USD 8.4 billion) for the fiscal year 2022/2023.

The remarks were made 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, organized by the Petrochemical Industries Company.

KPC is following international standards in the field in training and preparing young employees to develop their skills, he said.

Meanwhile, the CEO said that one of the prominent achievements of the oil sector is fully operating Al-Zour Refinery, producing 615,000 barrels a day, which is one of the biggest refineries in the world. The other one is fully operating Duqm Refinery with a capacity of 230,000 barrels a day, the biggest joint-GCC oil project, he added.

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 KD 1.7 billion (USD 5.5 billion) in the past ten years.

On her part, CEO of the Petrochemical Industries Company Nadia Al-Hajji said the event is a chance to celebrate the oil sector's 2022 achievements, despite the many challenges in the field, posed by the global economic and political crises.

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

The meeting focuses on discussing the previous year's achievements and the upcoming years goals, with the aim of achieving the oil sector's 2040 strategy.

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