Company Insights Kuwait Petroleum Corporation Oil & Gas Kuwait Petroleum Corporation Overview Kuwait Petroleum Corporation (KPC), Kuwait’s national oil company, manages a range of activities, including petroleum exploration, production, refining, marketing, petrochemicals and transportation. Responsible for around 7 percent of the world’s crude oil, KPC plays a key role in global energy markets. KPC was established in 1980 as an umbrella company, consolidating KOC (Kuwait Oil Company), KNPC (Kuwait National Petroleum Company), KOTC (Kuwait Oil Tanker) and PIC (Petrochemicals Industries Company) under government control. It expanded internationally with acquisitions including Gulf Oil’s Western Europe operations in 1983 and BP’s Luxembourg assets in 1994. Recent developments include a 15-year LNG supply agreement with QatarEnergy and strategies to address the economic impacts of Covid-19, such as budget cuts and deferred projects like the Al-Dabdaba solar plant. New oil deposits in KPC’s Al-Nokhatha field add 3.2 billion barrels per day to KPC’s output, while its Al-Zour refinery, which was opened in 2024, increases production by 615,000 barrels per day. KPC supports extensive international operations under its “Q8” brand in Europe and partnerships for oil storage in Japan and South Korea. Long-term supply contracts are secured under a 2024 agreement with China’s Unipec. KPC says it prioritises environmental sustainability by integrating renewable energy projects. Sustainability initiatives include mangrove planting under its 2050 energy transformation strategy. Kuwait Petroleum Corporation News Analysis Oil & Gas Opec+ likely to adopt a wait-and-see strategy for 2025 Opec+ leaders have much to consider ahead of their meeting next week – little of it positive for flagging oil prices. First, there is the prospect of a second presidential term for Donald Trump as leader of the world’s largest oil producer and exporter; second, an economic downturn in China that shows no sign of […] November 29, 2024 Oil & Gas New oil minister in Kuwait after reshuffle A new oil minister, Tarek Suleiman Ahmed Al-Roumi, has been appointed in Kuwait as part of a broader cabinet reshuffle. Al-Roumi will replace Nora Suleiman Al-Fassam, who is Kuwait’s finance minister and was overseeing the oil ministry temporarily, the state news agency, Kuna, reported. Al-Fassam stepped in after the resignation in September of the deputy […] October 30, 2024 Analysis Oil & Gas National oil companies venture into trading business Traditionally conservative national oil companies (NOCs) in the Middle East are developing their trading businesses in pursuit of new sources of income and to eat into the bumper profits of commodities houses. OQ of Oman, Saudi Aramco, UAE’s Adnoc and QatarEnergies have successfully developed their refined products and trading over the last decade to catch […] October 9, 2024 Oil & Gas Kuwait’s oil minister resigns amid energy challenges Kuwait’s finance minister, Nora Suleiman Al-Fassam, has been appointed acting oil minister, after the resignation on Sunday of the deputy prime minister and minister of oil, Imad Al-Ateeqi, amid ongoing political instability in the country. Al-Fassam is also minister of state for economic and investment affairs, having been appointed just last month. She came from […] September 9, 2024 Energy Heat blackouts blamed on Kuwait’s fuel supply issues Rolling power cuts that have beset oil-rich Kuwait over the last two days have been blamed on technical issues experienced in fuel supplies. Several residential neighbourhoods experienced rolling blackouts over the weekend due to “a fuel supply disruption”, according to a statement from state-run Kuna news agency. The cuts also closed down desalination plants and […] August 19, 2024 Oil & Gas ‘Huge’ oil discovery could change the game for Kuwait Kuwait has announced a significant discovery of light oil and associated natural gas in its offshore Al-Nokhatha field. The state-owned Kuwait Oil Company (KOC) – a subsidiary of Kuwait Petroleum Corporation (KPC) – reported on Sunday that the field, located east of the Kuwaiti island of Failaka, holds approximately 2.1 billion barrels of light oil […] July 15, 2024 Oil & Gas Adnoc ends talks to buy stake in Brazilian petchem producer Abu Dhabi state-owned energy company Adnoc has ended talks to buy a controlling stake in Brazilian petrochemical company Braskem. “Adnoc International Limited has no interest in continuing the process of analysis and negotiations with Novonor on the potential transaction,” the São Paulo-listed company said in a bourse filing on Monday. Following the disclosure, Braskem shares dropped […] May 7, 2024 Oil & Gas Kuwaiti oil major to buy 50% of Italian biodiesel producer The Italian subsidiary of Kuwait Petroleum International (KPI), the international downstream subsidiary of state-owned Kuwait Petroleum Corporation (KPC), has signed an agreement to purchase 50 percent of Eco Fox, an Italian biofuel producer. The deal will help develop, produce and distribute sustainable biofuels that will reduce carbon emissions in the transportation sector, state-owned Kuna news […] March 18, 2024 Analysis Oil & Gas Saudi Arabia hits brakes as others push oil output capacity Saudi Arabia may have shelved plans to raise oil output capacity but the UAE, Kuwait and Iraq believe global crude demand will grow and are gearing up for expansion, according to industry observers. Although Opec is implementing production cuts to stabilise the market over the near term, its core members are focused on longer-term commitments, […] February 20, 2024 Oil & Gas Kuwait’s Al Zour refinery increases capacity by 50% State-owned Kuwait Integrated Petroleum Industries Company (Kipic) said that the third and final unit at the Al Zour refinery is now operational. The plant is now fully operational and refining will reach full capacity of 615,000 barrels per day (bpd), up from 410,000 bpd, the oil company said in a statement. Kipic CEO Walid Al-Bader […] December 4, 2023 Posts navigation 1 2 Next
Analysis Oil & Gas Opec+ likely to adopt a wait-and-see strategy for 2025 Opec+ leaders have much to consider ahead of their meeting next week – little of it positive for flagging oil prices. First, there is the prospect of a second presidential term for Donald Trump as leader of the world’s largest oil producer and exporter; second, an economic downturn in China that shows no sign of […] November 29, 2024
Oil & Gas New oil minister in Kuwait after reshuffle A new oil minister, Tarek Suleiman Ahmed Al-Roumi, has been appointed in Kuwait as part of a broader cabinet reshuffle. Al-Roumi will replace Nora Suleiman Al-Fassam, who is Kuwait’s finance minister and was overseeing the oil ministry temporarily, the state news agency, Kuna, reported. Al-Fassam stepped in after the resignation in September of the deputy […] October 30, 2024
Analysis Oil & Gas National oil companies venture into trading business Traditionally conservative national oil companies (NOCs) in the Middle East are developing their trading businesses in pursuit of new sources of income and to eat into the bumper profits of commodities houses. OQ of Oman, Saudi Aramco, UAE’s Adnoc and QatarEnergies have successfully developed their refined products and trading over the last decade to catch […] October 9, 2024
Oil & Gas Kuwait’s oil minister resigns amid energy challenges Kuwait’s finance minister, Nora Suleiman Al-Fassam, has been appointed acting oil minister, after the resignation on Sunday of the deputy prime minister and minister of oil, Imad Al-Ateeqi, amid ongoing political instability in the country. Al-Fassam is also minister of state for economic and investment affairs, having been appointed just last month. She came from […] September 9, 2024
Energy Heat blackouts blamed on Kuwait’s fuel supply issues Rolling power cuts that have beset oil-rich Kuwait over the last two days have been blamed on technical issues experienced in fuel supplies. Several residential neighbourhoods experienced rolling blackouts over the weekend due to “a fuel supply disruption”, according to a statement from state-run Kuna news agency. The cuts also closed down desalination plants and […] August 19, 2024
Oil & Gas ‘Huge’ oil discovery could change the game for Kuwait Kuwait has announced a significant discovery of light oil and associated natural gas in its offshore Al-Nokhatha field. The state-owned Kuwait Oil Company (KOC) – a subsidiary of Kuwait Petroleum Corporation (KPC) – reported on Sunday that the field, located east of the Kuwaiti island of Failaka, holds approximately 2.1 billion barrels of light oil […] July 15, 2024
Oil & Gas Adnoc ends talks to buy stake in Brazilian petchem producer Abu Dhabi state-owned energy company Adnoc has ended talks to buy a controlling stake in Brazilian petrochemical company Braskem. “Adnoc International Limited has no interest in continuing the process of analysis and negotiations with Novonor on the potential transaction,” the São Paulo-listed company said in a bourse filing on Monday. Following the disclosure, Braskem shares dropped […] May 7, 2024
Oil & Gas Kuwaiti oil major to buy 50% of Italian biodiesel producer The Italian subsidiary of Kuwait Petroleum International (KPI), the international downstream subsidiary of state-owned Kuwait Petroleum Corporation (KPC), has signed an agreement to purchase 50 percent of Eco Fox, an Italian biofuel producer. The deal will help develop, produce and distribute sustainable biofuels that will reduce carbon emissions in the transportation sector, state-owned Kuna news […] March 18, 2024
Analysis Oil & Gas Saudi Arabia hits brakes as others push oil output capacity Saudi Arabia may have shelved plans to raise oil output capacity but the UAE, Kuwait and Iraq believe global crude demand will grow and are gearing up for expansion, according to industry observers. Although Opec is implementing production cuts to stabilise the market over the near term, its core members are focused on longer-term commitments, […] February 20, 2024
Oil & Gas Kuwait’s Al Zour refinery increases capacity by 50% State-owned Kuwait Integrated Petroleum Industries Company (Kipic) said that the third and final unit at the Al Zour refinery is now operational. The plant is now fully operational and refining will reach full capacity of 615,000 barrels per day (bpd), up from 410,000 bpd, the oil company said in a statement. Kipic CEO Walid Al-Bader […] December 4, 2023
