State firm Kuwait National Petroleum Company (KNPC) has posted its highest annual net profits in nine years according to an 8 May tweet by CEO Waleed al-Bader. The KD344.4mn ($1.12bn) achieved for the 2021-22 financial year (to 31 March 2022) was 135% up on last year’s KD146.5mn ($476.4mn) though still well below the record KD461.9mn ($1.5bn) for 2010-11.

For 2022-23, the outlook for KNPC is positive. For one thing, KNPC formally commissioned its $15.6bn Clean Fuels Project (CFP) at the firm’s Mina al-Ahmadi and Mina Abdullah refineries in March which lifted capacity to 801,000 b/d (MEES, 25 March). Although some units had been commissioned as early as October 2021, pushing Kuwait’s overall refinery throughputs back above 700,000 b/d for the first time since August 2018, the key benefits will be realized this year. (CONTINUED - 239 WORDS)