The Kuwait Petroleum Company (KPC) has reported that its income dropped from 905.6 million Kuwaiti dinars ($2.9 billion) in fiscal year 2000/2001 to KD 531 million ($1.8 billion) in 2001/2002. This constitutes a 41 percent income drop. Earlier in the year the company forecasted net income results amounting to KD 608 million.
KPC is Kuwait's oil conglomerate, which owns several oil companies inside and outside the emirate. The Kuwait Oil Company (KOC) is one of KPC's subsidiaries responsible for production operations in the Gulf state. Decisions taken by KPC, which is headed Kuwait’s Ministry of Oil, must be approved by the Supreme Petroleum Council (SPC) and by the cabinet. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
