KPC projects KD 480 mil­lion prof­its

Kuwait Times - - FROM THE ARABIC PRESS -

Kuwait Pe­tro­leum Cor­po­ra­tion (KPC) and its sub­sidiaries are ex­pected to make KD 480 mil­lion in prof­its in the fis­cal year 2017/2018, ac­cord­ing to what KPC’s Board of Di­rec­tors adopted dur­ing its meet­ing Sun­day. The pro­jected prof­its were cal­cu­lated based on an es­ti­mated pro­duc­tion rate of $2.8 mil­lion a day and a price of $45 a bar­rel com­pared to the $35 a bar­rel in the cur­rent fis­cal year, said sources fa­mil­iar with the meet­ing.

The most no­table ex­pected fea­tures in the strat­egy of KPC and its sub­sidiaries in the fis­cal year 2017/2018 in­clude the clo­sure of the Shuaiba re­fin­ery that is af­fil­i­ated to the Kuwait Na­tional Pe­tro­leum Com­pany (KNPC), and shut­ting down the fer­til­izer plants of the Pe­tro­leum In­dus­tries Com­pany (PIC), said the sources who spoke on the con­di­tion of anonymity. Shut­ting down the Shuaiba re­fin­ery is ex­pected to drop the re­fin­ing ca­pac­ity from 950,000 bar­rels a day to 650,000, the sources said.

Mean­while, the sources said that no in­creases in man­power are ex­pected in the next fis­cal year, ad­ding that the cur­rent num­ber of work­ers in the oil sec­tor is es­ti­mated at around 21,000. On the other hand, the sources in­di­cated that pro­ce­dures are on­go­ing to fi­nal­ize the hir­ing of 850 Kuwaiti engi­neers and tech­ni­cians this year in KNPC and Kuwait Oil Com­pany (KOC). —Al-Rai

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