The Kuwait Petroleum Corporation, for the first time, entered the annual assessment prepared by the international company “Brand Finance”, after it was ranked as the most valuable brand in Kuwait in 2022 and ninth in the Middle East.
The value of the KPC brand was estimated at the equivalent of $4 billion, reports a local Arabic daily according to the rationale on which the classification was based. In the context of its analytical report, “Brand Finance” noted that “KPC” succeeded in maintaining the level of its brand value during the Covid-19 pandemic, despite the significant decline in demand for oil during the second half of 2020 and most of 2021.
The sources noted that before the start of the pandemic, the corporation had long-term plans to increase its production volume to reach 4.75 million barrels per day by 2040, in a gradual increase from the level of 2.5 million.
A leading consultancy in the field of brand valuation Brand Finance saw that reaching this target level would ensure that the KPC will continue to maintain its brand strength in the global oil market.
The Saudi Aramco brand continued to remain in first place in the Gulf and Middle East in terms of value, due to several considerations, most notably that the value of its shares increased during the past year by 16 percent, despite global fluctuations.
As for the entities that ranked second to fifth in the Gulf and the Middle East are the Abu Dhabi National Oil Company (ADNOC), Qatar National Bank, the Saudi “Maaden” company, and the UAE “Etisalat” company respectively.
It is noteworthy that the “Brand Finance” company annually evaluates thousands of the largest Middle Eastern brands in many sectors and countries.
The KPC’s classification came within a final list of 150 brands that “Brand Finance” considered the most valuable in the region during 2022.