KUWAIT CITY - Kuwait Petroleum International “Q8”, which is the marketing and refining arm of Kuwait Petroleum Corporation (KPC), has successfully entered over 75 international airports to provide aircraft refueling services. According to informed sources, the company is working on increasing this number to diversify its revenue streams, in addition to its success in marketing Kuwaiti petroleum products, such as liquefied petroleum gas (LPG), to most European markets. 

The sources cited three reasons behind KPC’s decision to allow Q8 to manage the Kuwait National Petroleum Company’s (KNPC) fuel stations. They are - To transfer Q8’s expertise to local fuel stations - To enhance governance and consolidate the assets of the Kuwaiti oil sector globally, in light of KPC’s commitment to rationalizing spending and reducing costs - KNPC’s increased focus on its three local refineries - Ahmadi Port, Abdullah Port, and Al-Zour Refinery.

The sources estimated that Q8 operates approximately 4,702 fuel stations throughout Europe, using advanced technologies to reduce their carbon footprint, and incorporating solar energy. In a related development, an official report revealed that Q8 has a significant presence in several countries, most notably Italy, Belgium, the Netherlands, Luxembourg, Denmark, Spain, Oman, and Vietnam, in addition to its regional offices in the Netherlands and London. The report showed that Q8 manufactures and markets some of the world’s finest oils and holds stakes in three international refineries in Italy, Vietnam, and Oman through partnerships with global oil companies.

For example, Q8 successfully distributed low-sulfur diesel at the Nghi Son Refinery and petrochemical complex in Vietnam for the first time since the project’s inception, under a petroleum product purchase agreement. Comprehensive transformation initiatives generated revenues of $124 million from January to December 2024. The refinery maintained operating rates exceeding its design capacity by 120 percent. Regarding the Kuwait-Oman Duqm Refinery, the report stated that Q8 achieved a significant milestone with the commencement of commercial operations on June 1, 2024.

Concerning the Milazzo Refinery project in Italy, in which Q8 holds a substantial stake, the report highlighted that the company successfully modified the Milazzo Refinery’s vacuum unit to process sour crude oils, enhancing the refinery’s operational flexibility and its ability to refine multiple types of crude oil. Q8 opened its first six fully operational Electric 28 charging stations in Belgium in partnership with Storm, in addition to launching its first station in Italy.

This brings the total number of electric vehicle charging points to 1,260, including 837 fully owned by KPI and 423 operated by Q8 as part of a joint venture. In another achievement, Q8 won a private bid for concession contracts to operate the largest fuel supply station in Europe, located on one of Luxembourg’s main highways, highlighting its competitiveness in the retail sector

Arab Times | © Copyright 2024, All Rights Reserved Provided by SyndiGate Media Inc. (Syndigate.info).