The Kuwait National Petroleum Corporation (KNPC) announced on Tuesday 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 released by the official news agency KUNA.
The fiscal year of Kuwait starts on April 1 and ends on March 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 December 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 August, with the first batch of low-sulfur kerosene being exported in October 2022.
In March 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.
Credit: The Star : News Feed
