KNPC announces record profits of $3.32bn in 2022-23

KNPC announces record profits of $3.32bn in 2022-23

KUWAIT: Kuwait National Petroleum Company (KNPC) announced on Tuesday record-breaking profits of KD 1.016 billion ($3.32 billion) for the fiscal year 2022-2023. CEO Wadha Al-Khateeb expressed to KUNA her pride in this exemplary achievement, indicating that the company had logged in a KD 675 million increase ($2.2 billion) against the previous year’s KD 341.380 million ($1.11 billion), marking a 198 percent jump. Khateeb attributed this significant jump in profits to various factors including the global increase in prices of oil products, and the company’s improved operational performance especially following the complete and successful operation of eco fuel project in Mina Ahmadi and Mina Abdallah refineries.

The project, Khateeb clarified, took quality of products to better levels, up to par with latest global standards, allowing the company to market products in new global markets and creating profitable opportunities. These new large and innovative projects were accompanied with a rise in refining capacity aiming to meet demands of local markets and keep up with augmenting global demands, explained the CEO. Khateeb presented several marketing indices that contributed to the achievement of such profit, including putting out improved diesel and low sulfur gasoline.

Moreover, she took the opportunity to applaud the company’s cadres in all