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Thursday , February 9 2023

‘Necessary measures taken to nab robbers’ – ‘Losses in millions’

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KUWAIT CITY, Nov 8: According to the State Audit Bureau report for the 2020/2021 fiscal year, a total of 392 theftrelated incidents were reported in the Kuwait Oil Company (KOC) during the period from 2018 to February 2021, reports Al-Rai daily. The report explained that the number of cases related to theft of diesel from the company’s sites was 130 and involving the theft of approximately one million liters of diesel. Its value, if calculated on the subsidized price of 55 fils, is estimated at about KD 35,667, and when calculated based on the official price, it is KD 55,000. The theft of electrical cables from January 2018 to February 2021 increased, reaching 164 and involving the theft of cables worth KD 276,300, including cables linked to production centers and well sites, which had led to the suspension of production.

The average losses resulting from the suspension of production in southern and eastern parts of Kuwait during the period from September 2020 to December 2020 are estimated at about $17 million due to the theft of electrical cables and the suspension of operation in many of the affected wells. Also, 16 theft cases of pipes of different sizes and lengths were registered, amounting to 32,500 meters, and at a value of KD 333,500. These financial amounts are in addition to other costs incurred by these thefts, including the costs of connection, delivery, painting, reprogramming and control systems and linking them to the approved financial systems. It revealed that most thefts occur in remote locations outside the company’s security fence and are dealt with within the legal frameworks and procedures in force and in coordination with the security authorities.

KOC clarified that, despite the effects of the theft of electrical cables, most of them are owned by contractors, and most of them are in non-productive wells, adding that cases with effects on the production are quickly remedied. In this regard, KOC affirmed its success in responding to more than 25 theft-related incidents and arresting thieves by coordinating with the concerned authorities to monitor vital facilities, and carrying out inspection procedures to enhance the level of security. The company attributed these thefts to the magnitude, size and nature of its business that is spread over vast areas.

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