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Petroleum Corporation’s 10-month profits soar to 1.86 billion dinars

The corporation and its subsidiaries continue their outstanding performance, achieving exceptional returns for the general budget.

High-level oil sources revealed to Al-Rai newspaper that the consolidated net profits of the Petroleum Corporation until the end of January 2024 amounted to about 1.86 billion dinars, marking an increase of 270 million dinars over the approved budget for this period.

The corporation and its subsidiaries continue their outstanding performance, achieving exceptional returns for the general budget.

The sources anticipate that the corporation and its subsidiaries’ profits, including February and March 2024, will approach two billion dinars since the beginning of the fiscal year.

The sources stated that these profits result from the refining and crude oil production operations of the Kuwait Oil Company and the Gulf Oil Company, as well as the external operations of the Kuwait Foreign Petroleum Exploration Company (KUFPEC) and the International Petroleum Company in Europe.

Sources pointed out that the overall performance of the Petroleum Corporation and its subsidiaries has been good in all sectors, despite the decline in oil prices, Kuwait’s adherence to OPEC’s share, the global drop in refinery profits in the second half of this year, and significant shifts in global energy consumption patterns.



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