KNPC is likely to achieve good profit in FY: Al-Azmi

KUWAIT CITY, April 3, (KUNA): Kuwait National Petroleum Company (KNPC) is anticipated to achieve good profits in the fiscal year that ended last March, said Deputy CEO of KNPC’s Shuaiba Refinery Mutlaq Al-Azmi.

“The FY ending on March 31 has not been reviewed yet. But, God willing, there will be good profits for the KNPC,” AlAzmi said to KUNA on the sidelines of the 3rd Kuwait Industrial Exhibition Technical Conference (KINETIC-2016).

The 2030 strategy of the state-owned Kuwait Petroleum Corporation (KPC) is being revised to become 2040 strategy, he added. He said refining industry’s profits are based on the price difference between oil byproducts and crude oil, and refining earnings rely on a set of factors, mainly oil prices.

He added that the price difference is now improving, but the oil market, especially in winter, has needed oil byproducts and that’s why demand has increased and the prices of some products like kerosene and diesel have also hiked.

Al-Azmi noted that the KNPC’s fresh projects, mainly the new refinery and biofuel ventures, are part of the KPC’s oil development strategy.

On the conference, which is patronized by the Indian Embassy in Kuwait, AlAzmi elaborated that the 3rd Kuwait Industrial Exhibition Technical Conference (KINETIC-2016) focuses on sustainable development, challenges and ambitions.

The Deputy CEO of KNPC’s Shuaiba Refinery stressed the significance of this conference as a good opportunity for the conferees to exchange experience, ideas and research in new technology. KINETIC 2016 brings together national and international experts, leading manufacturers, service providers, on a common platform to exchange views and share knowledge, expertise and experience in various sectors like energy, infrastructure and environment in Kuwait, he pointed out.