KUWAIT: Kuwait’s oil sector achieved "exceptional" profit of KD 2.6 billion ($8.4 billion) for the fiscal year 2022-2023. The remarks were made by Kuwait Petroleum Corporation (KPC) CEO Sheikh Nawaf Saud Al-Sabah in a speech on Wednesday during the annual meeting of senior oil sector officials organized by the Petrochemical Industries Company.

KPC is following international standards in the field in training and preparing young employees to develop their skills, he said. Meanwhile, the CEO said that one of the prominent achievements of the oil sector is fully operating Al-Zour Refinery, which produces 615,000 barrels a day and is one of the biggest refineries in the world.

The other one is fully operating Duqm Refinery with a capacity of 230,000 barrels a day, the biggest joint GCC oil project, he added. Sheikh Nawaf Al-Sabah also said that KPC is one of the pioneers in supervising projects and creating global partnerships, leading the company to gain profits worth KD 1.7 billion ($5.5 billion) in the past ten years.

Senior oil sector officials pose for a group photo.

On her part, CEO of the Petrochemical Industries Company, Nadia Al-Hajji, said the event is a chance to celebrate the oil sector’s 2022 achievements, despite the many challenges in the field posed by the global economic and political crises.

She affirmed the need to execute strategic initiatives on sustainability, turning to renewable energy, protecting the environment, digitalization, and encouraging innovation. The meeting focuses on discussing the previous year’s achievements and the upcoming year's goals, with the aim of achieving the oil sector’s 2040 strategy.

Crude oil drop 

Kuwait crude oil edged 24 cents lower during Tuesday’s trading to reach $92.06 per barrel (pb) compared with $92.30 pb the day before, Kuwait Petroleum Corporation (KPC) said Wednesday. Brent crude rose $1.04 to $90.04 pb, and West Texas Intermediate gained $1.14 to $86.69 pb.- KUNA