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KIPIC only company to record losses of KD 55m
KUWAIT CITY, July 4: High-ranking oil sources told Al-Rai daily that the combined net profits of the Kuwait Petroleum Corporation and its six out of the seven subsidiaries is about 1.207 billion dinars for fiscal 2021/2022, despite the challenges the world is going through, after calculating the provisions.
The sources revealed that the Kuwait Oil Company achieved net profits of about 536 million dinars, while the net profits of the National Petroleum Company was about 341 million dinars, the Kuwait Oil Tanker Company recorded profits of about 26 million, and the Kuwait Petrochemical Industries Company’s net profits were 196 million dinars.
The sources explained that what is remarkable is what the Kuwait Foreign Petroleum Exploration Company (KUFPEC) has achieved significantly, and recorded net profits of 86 million dinars, while the net profits of the Kuwait Petroleum International were 15 million, indicating that the Kuwait Integrated Petroleum Industries Company (KIPIC) was the only company that recorded losses of 55 million dinars, due to the lack of completion of its activity.
On the other hand, the sources indicated that the KPC board of directors have undertaken many studies to review many issues that would re-arrange work at the corporation – its performance and its subsidiaries, stressing that the corporation’s CEO, Sheikh Nawaf Saud Al-Sabah, expressed during more than one meeting that he is committed to abiding by the laws and regulations in order to achieve equal opportunities and create a suitable atmosphere for work, provided that all means are provided for companies to perform their tasks away from aggravation.