KUWAIT, April 13 (KUNA) -- Kuwait National Petroleum Company (KNPC) adjourned Wednesday its golden jubilee celebrations, scheduled to be held late today, due to the bad weather. KNPC Deputy Board Chairman and Deputy Managing Director, Asaad Al-Saad told (KUNA) that the company took this decision to save the would-be attendees, at the forefront of them His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, from any bad effects of the sandstorms. Al-Saad said the company would announce a new date for the celebrations soon. Kuwait National Petroleum Company was established in October 1960 as a shareholder company owned by the government and the private sector. It has been carrying out the role of refining crude, liquefying gas and market oil products on the local market through the three refineries of Al-Ahmadi Port, Al-Shuaiba and Abdullah Port.

KNPC produces around 30 different types of petroleum derivatives, like kerosene, petrol and diesel, among others.

The company is currently planning to execute several large-scale dynamic projects, namely a fourth refinery, the production of environmentally-friendly fuel, a further two pipelines for liquefied gas, the removal of acidic gases project, and others on the way.

KNPC's sales are currently raking in KD 12 billion, with estimated profits of around KD 500 million following the financial year which ended on March 31. This presents a hugely significant rise since the first year's minute profits of KD 830,000.