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State-owned oil companies in OPEC member Kuwait made net profits of 2.7 billion Kuwaiti dinars ($8.9 billion) in fiscal year 2022-2023 after a surge in crude prices and the operation of one of the world’s largest refineries, an oil official was quoted on Thursday as saying.
Sheikh Nawaf Al-Sabah, CEO of the Kuwait Petroleum Corporation (KPC), which manages the emirate’s hydrocarbon sector, said KPC’s profits stood at KWD1.7 billion ($5.6 billion) while the remaining earning were achieved by its subsidiaries.
“The oil sector in Kuwait has made considerable achievements towards realizing the country’s ambitious oil strategy,” he said in statements at a local oil seminar.
“In the fiscal year 2022-2023, which ended on 31 March, the oil industry achieved exceptional profits thanks to a rise in sales and the operation of key refineries,” he said in the remarks, carried by the Arabic language daily Alqabas.
Sabah said one of the most remarkable achievements was the commissioning of the 615,000-barrels per day (bpd) Al-Zour oil refinery in South Kuwait besides the commercial operation of Oman’s 230,000-bpd Duqm Refinery, a joint venture between KPC’s subsidiary Kuwait Petroleum International and Oman’s state-owned company OQ.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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