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KNPC profit surges to $2.1 billion
KUWAIT — State refiner Kuwait National Petroleum Co (KNPC) said yesterday net profit for the fiscal year ended in March 2005 soared to $2.1 billion as surging oil products prices boosted refining margins.
“The company has achieved unprecedented profits of 628 million dinars or the equivalent of $2.1 billion,” said KNPC Chairman Sami Rushaid. KNPC’S net for fiscal 2003-2004 was about $320 million. The state refiner is one of eight subsidiaries owned by Kuwait Petroleum Corp (KPC), which oversees the oil sector in the Gulf states. Kuwait produces oil now at about 2.65 million barrels per day, of which at least 1.35m bpd goes for export.
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