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KNPC lists KD 135 mln profits in fiscal year 2017-18
May 3, 2018, 8:40 am

Kuwait National Petroleum Company (KNPC) on Wednesday reported KD 135 million (USD 472 million) in net profits for the fiscal year 2017-2018.

There were also increases for total sales of petroleum products weighing 51.8 million tons at a cost of KD 7.2 billion (USD 23.9 million), KNPC CEO Mohammad Al-Mutairi told KUNA.

He attributed the gains to the dip in prices of petroleum products as well as a decline in revenues and profit margins, two factors that had no bearing on the company's impressive performance rating, Al-Mutairi pointed out.

The KNPC CEO pinpointed the use of a program to cut operational expenses and increase profit margins as being instrumental in increased revenue worth USD 19.67 million, saying that the company prioritizes such initiatives.

On the company's latest endeavors, he cited a biofuel project worth USD 10.25 billion that Kuwait hopes would generate an energy capacity of 800,000 barrels, which has been tailor-made to cope with future challenges in the global oil market.

Listing other projects in the works, he said that construction is also picking up on a gas pipeline project which has seen 80.4 percent progress thus far, Al-Mutairi explained, while Kuwait had recently exported its first shipment of sulfur granules.

He also spoke of another ongoing project that entails the construction of 100 new petrol stations in the country, the first 19 of which will be built shortly.

Source: KUNA

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