#Kuwait Petroleum Corporation posts net profit of $8.5 billion in last fiscal year | Reuters

Kuwait Petroleum Corporation posts net profit of $8.5 billion in last fiscal year | Reuters

Kuwait Petroleum Corporation and its subsidiaries posted a net profit of more than 2.6 billion Kuwaiti dinars ($8.48 billion) in the last fiscal year, the highest in 10 years, the KPC's CEO said on Sunday.

Chief Executive Nawaf Saud al-Sabah said in a video on KPC's YouTube channel the company also increased its oil production capacity by 200,000 bpd to 2.8 million bpd in the same period.

The KPC's refining capacity jumped 50% to 1.2 million bpd, a figure which the company is seeking to raise to 1.4 million bpd this quarter, Al-Sabah added.