Kuwait Petroleum Corporation unveiled a significant stride in its strategic financial plan, allocating a whopping 18.18 billion dinars for capital spending on projects within the 2022-2026 five-year plan. As of March 2023, the corporation reported an impressive actual spending of 11 billion dinars, marking a commendable 61% utilization of the allocated funds, reported Al-Anba Daily.
Breaking down the figures, Kuwait Oil Company emerged as a frontrunner, securing the majority share with 14.7 billion dinars designated for its projects. The company has already disbursed approximately 8.7 billion dinars, reflecting a substantial 59.4% expenditure against the allocated amounts. In the fiscal year 2022/2023 alone, Kuwait Oil Company’s capital spending reached around 1.2 billion dinars.
Notably, Kuwait Oil Company accounted for a substantial 65% of the total financial allocation for capital spending outlined in the comprehensive five-year plan.
National Petroleum Company, on the other hand, earmarked 247.6 million dinars for its projects, with an actual disbursement of about 81.6 million dinars, equivalent to 33% of the allocated budget. The company’s capital spending during the fiscal year 2022/2023 stood at 22.3 million dinars.
Kuwait Petroleum International Company allocated approximately 1.6 billion dinars for its capital expenditure within the five-year plan, with actual spending reaching 1.3 billion dinars by the end of March 2023, marking an impressive 77.9% utilization. In the last fiscal year, the company spent 304.7 million dinars.
Other subsidiaries, including Kuwait Gulf Oil Company, Kuwait Oil Tanker Company, Kuwait Foreign Petroleum Exploration Company (KUFPEC), and Kuwait Petroleum Corporation’s head office, also showcased various levels of capital spending and actual disbursement, each contributing to the corporation’s overarching strategy.
Emphasizing their commitment to project completion, the Kuwait Petroleum Corporation expressed dedication to intensifying efforts, closely monitoring contractor performance, and proactively addressing any delays. The corporation remains in close coordination with internal and external stakeholders, collaborating with state agencies to ensure swift project completion and compliance with regulations and laws.