* Updated with details
The CEO of the state-run Kuwait Petroleum Corporation, Nawaf Saud Al-Nasser Al-Sabah, said on Sunday that the corporation recorded net profits exceeding 2.6 billion dinars (about 8.5 billion dollars) during the fiscal year ending on March 31.
Al-Sabah added, in a speech published by the Corporation through its YouTube account, that the net profit recorded by the Corporation during the ending fiscal year is the highest during the past ten years, referring these profits to the operation of new projects that provided quantities of crude oil and high-quality derivatives that are desirable globally.
The CEO said that Kuwait’s oil production capacity increased during the past fiscal year by more than 200,000 barrels per day, bringing the production capacity to 2.8 million barrels of oil per day.
He pointed out that Kuwait seeks to raise its oil production capacity to 4 million barrels per day by 2035.
He stated that Kuwait’s refining capacity increased during the past fiscal year by 50% to 1.2 million barrels of oil per day, and he said: “We are working to increase it to 1.4 million barrels per day when the Al-Zour refinery is fully operational during this quarter of the fiscal year.”
(Prepared by: Maryam Abdel-Ghani, to contact zawya.arabic@lseg.com)
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2023-07-30 14:14:21
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