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State-owned Kuwait National Petroleum Company (KNPC), the OPEC member’s downstream investment arm, has reported record annual profits following the completion of refinery expansions.
In a report published by Alanba and other local newspapers on Thursday, KNPC said net earnings nearly tripled to 1.01 billion Kuwaiti dinars ($3.3 billion) in fiscal year 2022-2023, which ended on March 31.
Profits in the previous 2021-2022 year stood at around 341.8 million dinars ($1.1 billion), the Company said.
“The surge in profits during 2022-2023 was due to several reasons, mainly the improvement in the prices of petroleum products in global markets,” KNPC’s CEO Wadha Al-Khateeb said in the report.
“Another key factor is the great improvement in the Company’s performance particularly after the successful operation of the upgraded Mina Abdullah and Mina Al-Ahmadi oil refineries,” she added.
Kuwait, which controls the world’s 5th largest proven oil deposits, has just completed a $multi-billion Clean Fuel Project which involved the expansion of those two refineries and the construction of Al-Zour Refinery, one of the world’s largest refining units.
(Writing by Nadim Kawach; Editing by Anoop Menon)
