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FINANCIAL NEWS
Kuwait Petroleum profit down to USD5.3b in 12 months
20 Jul 2014
(MENAFN) Net profit of the Kuwait Petroleum Corporation (KPC) was estimated at USD5.3 billion in its fiscal year ended on March 31, 2014 compared to USD8.8 billion in the same period a year earlier, according to KUNA.
The drop in the KPC’s profits resulted from global oil price instability which led to a fall in the Kuwaiti oil price from USD105.3 per barrel in the fiscal year 2012-2013 to USD103.5 per barrel in the fiscal year 2013-2014.
The drop was discussed during a KPC meeting held on Thursday by chairmanship of Minister of Oil and Minister of State for National Assembly Affairs Ali Al-Omair.
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