Kuwait Petroleum’s annual profits jump 133% to $ 1.1 billion

Kuwait National Petroleum Company achieved a 133% increase in its net profits in fiscal year 2021-2022 from the previous year.

The company’s chief executive, Walid Al-Badr, said the state-owned KNPC achieved a net profit for fiscal year 2021-2022 of 341.38 million dinars ($ 1.114 billion), an increase over profits. made at the end of the previous fiscal year 2020-2021, which amounted to 146.544 million dinars.

The National Petroleum Company is affiliated with Kuwait Petroleum Corporation and owns the Ahmadi and Mina Abdullah refineries, which have undergone a comprehensive development process known as the Environmental Fuel Project, which was inaugurated by the country’s Emir, Sheikh Nawaf Al-Ahmad Al – Jaber Al-Sabah, in March for a total cost of 4,680 billion dinars.

Al-Badr continued: “The company’s success in completing some of its key strategic projects has had the greatest impact in improving its capacity, production efficiency and competitiveness.”

Among these projects, he mentioned the environmental fuel project and the fifth pipeline project.

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