Kuwait Petroleum Corp. set to see 36% slump in revenues on cheap oil.

The consolidated revenues of the state-run Kuwait Petroleum Corporation (KPC) and its subsidiaries are expected to slump by more than a third to KD15.75 billion ($52 billion) during the fiscal year 2015/2016.
According to MP Adnan Abdulsamad, chairman of the National Assembly’s Budget and Final Account Committee, KPC revenues are set to nosedive by 36 percent compared to the 2014.2015 fiscal year due to the decline in global oil prices.

He added in comments published by Kuwait News Agency that the budget also forecasts that the net profits of KPC and its subsidiaries would likely hit KD489.8 million, without giving a comparative figure.

Despite the halted production of the oil well located in the divided zone, the KPC production of crude oil is expected to hit 2.7 million barrels a day, the MP said. KPC operates principally in the Middle East, Far East, Western Europe and the US.

Last year, KPC said it plans to increase the volume of crude oil exports to China to 500,000 barrels a day (bpd) in three years following the conclusion of a new 10-year deal with a China’s Sinopec Corp to nearly double its supplies by offering to ship the oil and sell it on a more competitive cost-and-freight basis.

Via : KUNA

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