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Kuwaiti oil producer’s profit hits 10-year high at $8.4bn

Kuwait News Agency
Nawaf Al Sabah expects the Duqm refinery in Oman will be fully operational by year-end

State-owned Kuwait Petroleum Corporation (KPC) and its subsidiaries have reported the highest net profit for a decade.

Profits for 2022 to 2023 reached 2.6 billion Kuwaiti dinars ($8.4 billion).

KPC increased its oil production capacity by 200,000 barrels per day (bpd) to 2.8 million bpd in the same period, state-run Kuwait News Agency reported, citing KPC CEO Nawaf Saud Al Sabah.

The company’s refining capacity jumped 50 percent to 1.2 million bpd, a figure that the company is seeking to raise to 1.4 million bpd this quarter, the CEO added. 

“After more than eight decades of oil and gas production from the mainland of Kuwait, the Kuwait Oil Company drilled Kuwait’s first offshore well, as part of a broader KPC’s plan to raise production capacity to four million barrels per day by 2035,” Al Sabah said.

He predicted that the Duqm refinery in Oman will be fully operational by year-end, pushing Kuwait’s refining capacity from joint ventures in Oman, Italy and Vietnam up to over 600,000 barrels per day.