KPC posts 159.3% up in Kuwait’s crude oil sales

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KUWAIT CITY, Dec 10: The draft final account of the Kuwait Petroleum Corporation and its subsidiaries for fiscal 2021/2022 revealed that the total revenues from Kuwaiti crude oil sales was 16.84 billion dinars, which reflects an increase of 10.34 billion dinars over the budget estimates of 6.49 billion dinars, or about 159.3%, reports Al-Qabas daily.

This has been achieved increase due to an increase of 7.48 billion dinars as a result of the increase in the price of a barrel of Kuwaiti crude oil; an increase of 3.04 billion dinars as a result of the increase in the volume of Kuwaiti crude oil sales by about 636.9 thousand barrels per day; a decrease of 127.2 million dinars as a result of the decrease in the exchange rate of the dollar compared to what was estimated in the budget and a decrease of 57.7 million dinars as a result of lower actual freight revenues than estimated in the budget.

The total decrease in the salaries and benefits group for the fiscal year ending in March 2022 was about 232.7 million dinars, or 13.2%, as the total salaries and benefits amounted to 1.52 billion dinars, compared to 1.76 billion dinars estimated in the approved budget. This decrease was concentrated in a decrease in the cost of salaries and allowances by 114.1 million dinars, due to the decrease in the actual cost of basic salaries, which was achieved from the decrease in the workforce by 1079 from the number calculated for the cost in the budget.

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