Kuwait's National Petro Company Earned Record Profit In 2022-2023 Fiscal Year

7/26/2023 12:15:10 AM

(MENAFN- Nam News Network) KUWAIT CITY, Jul 26 (NNN-KUNA) – Kuwait National petroleum Corporation (KNPC), announced yesterday that, its profit in the 2022-2023 fiscal year reached a record high of 1.016 billion Kuwaiti dinars (about 3.3 billion U.S. dollars). The KNPC's profit in this fiscal year increased by 675 million dinars, or 198 percent, from the last fiscal year, KNPC CEO, Wadha Ahmed Al-Khateeb, said in a statement.

The fiscal year of Kuwait starts on Apr 1 and ends on Mar 31 of the following year.

Al-Khateeb attributed the increase in profit mainly to the rise in global oil product prices and the company's enhanced operational performance, especially after the country's environmental fuel project went into full operation.

She explained that, the project has helped improve the quality of the company's products and kept them in sync with the latest international environmental regulations, thereby paving the way for the products to be sold in global new markets.

According to the statement, the company was able to produce diesel that meets the requirements of the European market, and is suitable for cold weather for the first time. The diesel was first shipped in Dec, last year.

The company also began to export low-sulfur gasoline and aromatic compound products that meet the latest international environmental standards and specifications in Aug, with the first batch of low-sulfur kerosene being exported in Oct, 2022.

In Mar, 2022, Kuwait began the full operation of the environmental fuel project, which involved the upgrade and expansion of the Mina Abdulla and Mina Al Ahmadi refineries, with a total cost of 4.68 billion dinars.– NNN-KUNA

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