‘KPC pays to ‘Finance’ KD 550 million of its retained earnings for 2021/’22 fiscal year’
KUWAIT CITY, Aug 3: The Kuwait Petroleum Corporation (KPC) paid the Ministry of Finance about KD 550 million of its retained earnings for the 2021/2022 fiscal year, according to the agreed-upon mechanism for a total payment of approximately KD 7 billion, reports Al-Rai daily quoting informed sources.
They explained that a number of the final financial statements of the affiliated oil companies were approved, with revenues amounting to KD 31.962 billion, at an average oil price of $ 80.68 per barrel, during a meeting of the Board of Directors of KPC held this week.
The volume of spending on capital projects during 2021/2022 fiscal year reached KD 1.888 billion.
The board reviewed the percentages of completion of strategic projects, such as the Zour Refinery project of the Kuwait Integrated Petroleum Industries Company (KIPIC), which is about 99.39 percent complete and is expected to be operational by the end of the year.
The liquefied gas facilities project is currently under operation, the assembly center No. 32 of the Kuwait Oil Company has a completion rate of about 98 percent, and the biofuel project of the Kuwait National Petroleum Company has been completed.
According to the sources, the board reviewed the borrowing file to finance KPC’s projects and companies.
KPC had concluded an agreement with the Italian Export Credit Agency for an amount of one billion dollars
through several foreign banks.
The sources also reviewed the report of the State Audit Bureau and Risk Committee regarding the consolidated financial statements, in addition to the financial statements of KPC Holding Company to approve the necessary budget.
In addition, the sources drew attention
to the importance of carefully reviewing the welding operations in the pipelines of the Al-Zour Refinery project in anticipation of any leakage that may cause disruption in the operations, especially as it is one of the largest global refineries with a huge number of pipelines.