KNPC posts $715mn profits for 2016/17 – Sales of petroleum products total $21.7 billion over past FY

KUWAIT CITY, April 30, (KUNA): The Kuwait National Petroleum Company (KNPC) has made net profits of $715 million (KD 216 million) for the FY 2016-2017, CEO Mohammad Ghazi Al-Mutairi said.

KNPC’s sales of petroleum products over the past FY totaled 58.4 million tons worth $21.7 billion (KD 6.6 billion), he told KUNA on Sunday.

The KNPC was able to achieve such profits despite the fierce competition and the challenges facing the oil industry globally as a result of falling prices, and consequently declining revenues and profit margin, Al-Mutairi added.

The company has also achieved positive performance thanks to commitment to the application of operational policies and administrative practices that cope with the best on the world level, in addition to keeping pace with the latest developments of the industry.

Referring to other achievements by the company over the past FY, Al-Mutairi said that the progress achieved in the Clean Fuel Project (CFP), aiming to upgrade and expand the existing KNPC two refineries at Mina Abdulla and Mina Al-Ahmadi, hit 82.5 percent.

By the same token, up to 28.36 percent of work in Al-Zour Refinery Project (ZOR) has been completed by the end of the FY 2016-2017, he said.

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