Kuwait Petroleum Company sees record returns

Kuwait Petroleum Corporation sees record returns

KUWAIT CITY, July 31, 2023 – Kuwait Petroleum Corporation (KPC) has posted a decade-high net profit of more $8.48 billion in the 2022/23 fiscal year, Reuters reported on Sunday.

The company successfully raised its oil output by more than 200,000 bpd to 2.8 million bpd during the fiscal year ending March 31, 2023.

Additionally, KPC’s refining capacity was raised by 50% to 1.2 million bpd in the same period. According to Nawaf Saud al-Sabah, CEO of Kuwait Petroleum Company, the company plans on raising its refining capacity to 1.4 million bpd in Q3 2023.

In July 2023, fellow NOC Kuwait National Petroleum Company posted record profits of USD 3.3 billion in the same financial year.

Other energy giants around the world also announced record annual profits in 2022.

ExxonMobil posted earnings of USD 56 billion, Shell posted earnings of 40 billion and Saudi Aramco posted earnings of USD 161 billion.

In July 2023, QatarEnergy posted a 58% rise in annual profits.

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