‘KPC will contribute KD 7b to State’s coffers’
KUWAIT CITY, July 30: A statistical report showed that Kuwait has the highest oil production in the world as per its population – 0.7 barrel daily per individual, reports Al-Qabas daily.
The statistics prepared by the daily on the top 10 oil producing countries in the world revealed that Saudi Arabia ranked second with 0.34 barrel daily per individual, followed by the United Arab Emirates with 0.32 barrel daily per individual.
Economic experts pointed out these figures prove that the country is pumping a lot of oil to cover the needs in various fields; especially in health, education, housing and infrastructure.
Meanwhile, Kuwait Petroleum Corporation (KPC) will contribute KD 7 billion to the State’s coffers once it transfers net profits for the previous fiscal years – before the conclusion of an agreement between KPC and Kuwait Investment Authority (KIA) to transfer the sum in installments, reports Al-Anba daily quoting an official source.
The source said KPC will transfer KD 3.9 billion for fiscals 2007/2008 and 2008/2009, KD 1.2 billion for fiscal 2016/2017and KD 1.7 billion for fiscal 2017/2018