Kuwait Oil posts KWD 1.127 bln ($4bn) profit for fiscal year ’13-14.

Kuwait Oil Company (KOC) said Monday profits for 2013-14 fiscal year ending on March 31 amounted to 1.127 billion Kuwaiti Dinars (KD) ($ 4 billion).

KOC CEO Hashem Hashem said the board members met earlier today to discuss the final statement and achievements of the state-owned company in the 2013-14 fiscal year.

Speaking to KUNA, Hashem said KOC was looking forward to increasing crude oil production and developing the Jurassic gas fields in northern Kuwait with the objective of producing a billion cubic feet of non-associated gas.

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KOC, he added, also sought to develop heavy oil wells in northern Kuwait as well as increasing onshore and offshore explorations coupled with the use of state-of-art technologies.

Hashem said KOC planned to diversify crude oil exports to normal crude, heavy oil and light oil. Kuwait is currently exporting the Kuwaiti crude only.

The company, Hashem noted, was working hard to reduce the burning of gas to one percent. KOC would also build the new Ahmadi Hospital and modernize Ahmadi City.

Via : KUNA

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