Kuwait Petroleum profits soar on higher oil prices
The sharp rise in oil prices since the beginning of the year was good news for the stakeholders in the Kuwait Petroleum Corp. (KPC), which reported a net profit of $2.29 billion for it and its subsidiaries for the fiscal year just ended.
KPC’s total assets at the end of October equaled $29 billion, while $2.55 billion in gross profits were recorded and $260 million was set aside as a mandatory reserve. According to Middle East Times, , sales of crude oil during the fiscal year stood at $9.52 billion, while sales of petroleum products were $7.96 billion.
The buoyant results reported by KPC impacted positively on the budget of Kuwaiti government. Its revenues stood at $20.37 billion, more than $9.88 billion that had originally been forecast, while expenditures were $17.82 billion, more than twice the projected $8.05 billion. —(Albwaba-MEBG)