November 28, 2022

Dubai Week

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

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.

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.

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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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