Kuwait's Kufpec posts first surplus in 20 years

Published June 11th, 2001 - 02:00 GMT

Kuwait Foreign Petroleum Exploration Company (Kufpec) announced Thursday, June 7, its first surplus in 20 years of operation after wiping out huge accumulated losses that topped $300 million. 

 

Kufpec posted record profits of $106 million last year, up 44.4 percent on 1999, as revenues surged 26 percent to $233 million at end-2000 from $177 million the previous year, said chairman Ahmad al-Arbeed. 

 

Total assets stood at $378 million, up 13 percent on 1999, while its capital was $655 million. The profits enabled the state-owned company responsible for producing oil abroad to pay off the last $65 million of its losses and transfer the rest to its parent company Kuwait Petroleum Corp. (KPC), Arbeed told a press conference. 

 

Kufpec is involved in oil and gas production in Australia, China, Egypt, Malaysia, Pakistan, Sudan, Yemen, as well as Indonesia and Tunisia, and is currently discussing new projects with Algeria, Bahrain, Iran and Libya, he said. 

 

Profits for 2001 were projected at $55 million, but Kufpec had already posted $31 million of profits until the end of April, Arbeed said. 

 

Kufpec, which marks its 20th anniversary next week, made its first profits in 1994 after years of sustained losses because of a sharp drop in oil prices in the 1980s. 

 

The company's current daily production has reached 30,000 barrels per day (bpd) of gas and crude oil, Arbeed said, adding it was planning to double output within five years and expand production to 200,000 bpd by 2015. — (AFP) 

 

© Agence France Presse 

© 2001 Mena Report (www.menareport.com)

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