KPC projects KD 480 million profits
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