KUWAIT: A delegation from National Bank of Kuwait (NBK), headed by Salah Al-Fulaij, Chief Executive Officer of NBK Kuwait, visited the headquarters of Kuwait Oil Company (KOC) to extend congratulations on the company’s milestone 90th anniversary. On this occasion, Al-Fulaij presented a commemorative souvenir symbolizing the deep-rooted historical ties between the bank and KOC—a document marking the opening of the company’s first account with NBK. KOC opened a current account with NBK shortly after the bank’s inauguration, making it one of the first 500 accounts in NBK’s history, opened within just two months of the bank commencing operations.
Commenting on the occasion, Al-Fulaij stated: "We are honored to be here today to celebrate the 90th anniversary of this esteemed and pioneering institution in the field of oil and gas exploration, a leader not only in Kuwait but across the entire region.” Al-Fulaij highlighted the enduring partnership between NBK and KOC, emphasizing that it dates back to the earliest days of the bank’s founding and the commencement of its operations over 70 years ago. He noted that the opening of KOC’s first current account at NBK marked the beginning of a longstanding relationship, built over decades, between two of the most prominent and pioneering economic entities in Kuwait and the GCC.
He underscored NBK’s deep-rooted and exceptional relationship with the oil sector, highlighting the bank’s active role in developing the skills and potential of young professionals within the sector, reinforcing its commitment to supporting the growth and sustainability of this vital industry. "Throughout the years, NBK has been instrumental in financing the oil sector, spearheading numerous significant deals for major projects. This has firmly established the bank as the leading partner for sector companies in driving their expansion initiatives. With a dedicated and highly specialized team focused on the oil industry, NBK provides efficient and timely financing solutions,” Al-Fulaij added.
Furthermore, he highlighted that the bank’s commitment to actively participating in financing oil sector projects, including those of KOC, reflects its confidence in the robust financial position of KPC and its subsidiaries. He further emphasized the exceptional management expertise within KPC, which is well-equipped to execute its growth plans in alignment with the 2040 strategy.
Ahmed Al-Eidan, CEO of Kuwait Oil Company, expressed pride in the decades-long historical relationship with NBK, commending the bank’s financing services for their positive impact on the company’s growth journey. Al-Eidan highlighted NBK’s pivotal role as a key partner to KOC in advancing the sustainability agenda, a priority area that the company holds in high regard.
He commended NBK’s leadership in delivering top-tier services and innovative financing solutions, underscoring the longstanding and robust collaboration between the bank and the company—a partnership rooted in decades of shared success and mutual commitment.
KOC was officially launched on December 23, 1934, under the name Kuwait Oil Company Limited. This establishment resulted from a partnership between two international companies: "Anglo-Iranian Oil Company”, now known as British Petroleum (BP), and "American Gulf Oil Company,” which is today recognized as Chevron. In that year, the company was granted the concession to explore for oil in Kuwait, marking the beginning of the country’s oil industry.