The CEO of the Kuwait National Petroleum Company, Walid Al-Badr, said today, Sunday, that the company was able, at the end of the first quarter of its current fiscal year, which begins on April 1, to achieve “unprecedented” profits.
Al-Badr added in a statement, that these profits came “as a result of the great qualitative leap in the performance of its business.”
Al-Badr explained that the company began exporting shipments of petroleum coal and diesel products, which conform to international environmental specifications and standards, from the environmental fuel project, which it opened last March.
He added that the company was also able to export the first shipment of clean car fuel to foreign markets, after it succeeded in meeting the entire needs of the local market.
He continued, “This shipment will be followed by more other regular shipments, which will achieve great financial returns for the company.”
In March, the Emir of Kuwait, Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, officially inaugurated the full operation of the environmental fuel project, which has continued for years, at a total cost of 4.680 billion dinars ($15.5 billion), and whose total production capacity is 800,000 barrels of oil per day.
The project aimed to develop the Ahmadi and Mina Abdullah refineries of the National Petroleum Company, and included the construction of 39 new units, the modernization of seven units and the closure of seven others, with a focus on producing high-value products such as diesel and kerosene for export.