Economy

Kuwait Petroleum’s profits exceed $ 1 billion and $ 111 million

Published

1 year ago

May 8, 2022

Kuwait Petroleum's profits exceed $ 1 billion and $ 111 million

Doubled Kuwait Petroleum Company Its profits for the financial year 2021-2022 were 341 million and 380 thousand dinars (one billion and 111.6 million US dollars).

Announced Kuwait CompanyIn a series of tweets on Twitter today, Sunday, its profits for the current fiscal year were more than double that of the previous fiscal 2020-2021, at 146 million and 544 thousand Kuwaiti dinars (477.2 million). US dollars).

According to Walid Al-Badr, CEO of Kuwait Petroleum, the growth in the company’s profit is due to a number of factors; First, the excellent performance of its employees in various workplaces and their dedication and high professionalism.

1
In a word to the employees CEO:
As we begin the first working days after the Eid al-Fitr holiday, I am pleased to extend my heartfelt congratulations and blessings to all of you, accepting our good deeds and praying to Almighty God to grant us this blessed opportunity again. To us and our beloved country, with goodness, Yemen and blessings. pic.twitter.com/xO3dcZjahG

– National Petroleum | KNPC (@KNPCofficial) May 8, 2022

Al-Badr’s success is due in large part to its ability to complete key strategic projects, which have enhanced its capabilities and production and competitiveness, projects undertaken under the auspices of the Emir and his Crown Prince.

Profitable projects

Mina Abdullah Refinery in Kuwait – Photo from Kuwait National Petroleum Company website

The CEO of Kuwait Petroleum explained that it is very important Projects The company implemented the Environmental Fuel Project and the Fifth Gas Pipeline Project, two projects that made a strong contribution to boosting its profits.

Al-Badr opened the training center Ahmadi RefineryHe explained that the company is in the process of opening another similar center at the refinery Mina AbdullahWith the aim of training and qualifying employees.

The CEO of the company stressed, in addition to the company’s special concern for safety and security; It is active in applying the latest international technologies in this field; It follows the commitment of all to an integrated security system to protect staff and facilities and to achieve economic and environmental sustainability.

Oil exports

Last March, Kuwait Petroleum announced plans to increase production and increase oil exports, with major plans to upgrade refineries and export ports.

Kuwait Heavy Engineering Industries and Shipbuilding said in a tender for Kuwait Petroleum that it had received a low price of about 5.879 million dinars (US $ 19.34 million) over a 24-month period.

The plan is in line with the state’s efforts to increase oil production to 3.5 million barrels per day by 2025, before reaching a production level of 4 million barrels per day by 2035.

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Nadia Barnett

“Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator.”

Economy

OPEC Secretary General: Lack of Oil Investments Threatens Energy Security

Published

12 hours ago

October 3, 2023

Nadia Barnett

OPEC Secretary General: Lack of Oil Investments Threatens Energy Security

Oil prices rose 30 percent in the third quarter as supply shortages persisted

ABU DHABI, TOKYO – Reuters: A lack of investment is putting energy security at risk, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) Haitham Al-Qais confirmed yesterday at the ADIPEC oil conference in Abu Dhabi. OPEC’s secretary-general added: “We call for continued investment in the oil and gas sector, and we believe calls to freeze investment will be counterproductive,” Reuters reported.
Al-Qais confirmed that OPEC is optimistic about oil demand.
In the middle of last month, the chief OPEC official warned against abandoning fossil fuels in his first response to the International Energy Agency’s latest reports.
OPEC Secretary General Haitham al-Qais said that abandoning fossil fuels would “lead to energy chaos on an unprecedented scale, with dire consequences for economies and billions of people around the world.”
Major international oil major BP said countries around the world should invest in oil and gas production to avoid a sharp rise in their prices, while accelerating the energy transition to tackle greenhouse gas emissions.
(ADIPEC 2023) is considered to be the largest event in the world’s energy and oil industry and is supported by the Ministry of Energy and Infrastructure in the United Arab Emirates and a group of partners. It is a platform for exchange of ideas and global debate. Challenges affecting energy markets and their effects on prices, including political challenges and international conflicts and their impact on energy supplies, provide a roadmap and future solutions to support and develop a sustainable, secure and low-cost energy system.
In turn, oil prices rose on Monday, recovering some of their losses from last Friday, as investors focused on global supply shortages and expectations of a last-minute deal to avoid a US government shutdown, which restored their appetite for risk. By 09:49 GMT, Brent crude futures for December delivery were up 54 cents, or 0.59%, at $92.74 a barrel, after falling 90 cents in last Friday’s session. Brent crude oil for November delivery was down seven cents at $95.31 a barrel when the contract closed last Friday.
West Texas Intermediate crude futures were up 49 cents, or 0.54%, at $91.28 a barrel, after falling 92 cents.
Both crudes rose nearly 30% in the third quarter, supported by expectations that oil supply shortfalls will widen in the fourth quarter after OPEC+ extended voluntary production cuts until the end of the year.

Nadia Barnett

“Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator.”

Economy

Emirates News Agency – “Kadem” mission showcases critical communications capabilities at Oman Defense, Security and Fire Expo

Published

20 hours ago

October 2, 2023

Nadia Barnett

Emirates News Agency – “Kadem” mission showcases critical communications capabilities at Oman Defense, Security and Fire Expo

Monday, October 2, 2023 – 5:57 p.m

ABU DHABI, 2nd October, 2020 (WAM) – “Katem”, a subsidiary of EDGE Group and a leader in developing innovative and ultra-secure communication solutions, is participating in the Oman Defense, Security and Fire Exhibition 2023. Showcase an advanced portfolio of ultra-secure devices and network encryption solutions.

The international exhibition, to be held in Muscat on October 9 and 10, is an important forum for the critical communications sector in the Gulf Cooperation Council countries and the Middle East region in general.

During the event, the company will showcase its next-generation secure smartphone, which aims to offer advanced security features and capabilities to meet mission-critical needs.

Katam’s participation in the exhibition is a strategic move aimed at reaffirming its commitment to mission-critical sectors including emergency response, public safety and critical infrastructure protection. The company’s booth will showcase a range of ultra-secure devices, including KATIM X2, an ultra-secure 5G smartphone for government leaders, senior executives, emergency responders, individuals and teams handling sensitive information. and the KATIM R01, a rugged smartphone for critical communications in harsh field conditions.

KATIM will showcase its latest network encryption software, the KATIM Gateway 9011, which provides advanced post-quantum encryption for sensitive communications and data transmission to address increasing data interference during data transmission. Exhibitors can visit Katam at booth F10 to meet the company’s team and learn more about secure communications solutions for mission-critical operations.

Mustafa Badr al-Din / Ahmad al-Nu’imi

Nadia Barnett

“Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator.”

Economy

38,344 new accounts in “Dubai Market” within 9 months

Published

2 days ago

October 2, 2023

Nadia Barnett

38,344 new accounts in “Dubai Market” within 9 months

Brokerage firms in the Dubai Financial Market added 38,344 new investor accounts in the first nine months of this year. The number of new accounts fell by about 2.3% in the first 9 months, compared to 39,250 new accounts in the same period in 2022.

Last September, 3,526 new accounts, 4,295 accounts in August, 3,570 accounts in July, 4,246 accounts in June, 5,349 accounts in May, 4,246 accounts in April, 6,591 accounts in March, 3,436 accounts in February and 3,082 accounts were distributed in February. .

“Emirates NBD Securities” led the way in new investor accounts in the first nine months with 8,719 accounts, followed by “BHM Capital” with 7,206 accounts, then “Al Ramz Capital” with 6,297 accounts, followed by “Abu Dhabi Islamic Securities”. 4,375 accounts, “International Bonds” 3,024 accounts and “Mashreq Securities” 2,261 accounts.

“EFG Hermes – UAE” reached the eighth position with around 1,154 accounts, followed by “Abu Dhabi Commercial Securities” with around 941 accounts, “First Abu Dhabi Securities” with 786 accounts, “Arqaam Securities” with 714 accounts and “Sharjah Islamic”. Services” 552 accounts, HSBC Middle East 505 accounts, Shurooq Stocks and Bonds 505 accounts and Al Ansari Financial Services 382 accounts.

Nadia Barnett

“Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator.”