KPC, subsidiaries reap KD 2.316 billion in net profit for 2005-2006

KUN0019 4 GEN 0205 FRANCE /AFP -BGX2 PWR-KUWAIT-KPC-PROFITS KPC, subsidiaries reap KD 2.316 billion in net profit for 2005-2006 KUWAIT, June 23 (KUNA) -- Kuwait Petroleum Corporation (KPC) and its subsidiaries reaped KD 2.316 billion in total net profit for the fiscal year ending March 31, 2006, said Minister of Energy and KPC Chairman Sheikh Ahmad Fahad Al-Ahmad Al-Sabah. The minister said in a statement Friday that this was the largest profit since the establishment of the corporation, attributing this to the hard work and efforts of all those working in the oil sector. Furthermore, Sheikh Ahmad said that the financial results included an increase of KD 544 million in operational profits compared to last year, explaining that this increase was the result of the hike in the prices of crude oil, gas, and oil derivatives. The minister went on to say that Kuwait Oil Tanker Company (KOTC) made record profits of KD 27 million in the fiscal year 2005-2006, with an increase of KD nine million from last year's KD 18 million. Moreover, Sheikh Ahmad said that Kuwait National Petroleum Company (KNPC) also made record profits this year, reaping KD 671 million with an increase of KD 43 million compared to last year's KD 628 million. He said this increase was the result of the increasing margin between the price of crude oil and refined derivatives, as well as KNPC's high proficiency and the efficiency of its refineries. On Petrochemical Industries Company (PIC), he said that it was able to make KD 145 million in profit, noting remarkable performance in projects both in Kuwait and abroad. As for Kuwait Petroleum International (KPI) in Europe, the minister said its profits for this year reached KD 119 million at an increase of KD 19 million from last year's KD 100 million. This profit, he said, was unprecedented and reflected the admirable industrial and marketing performance. And for Kuwait Aviation Fuelling Company (KAFC), he said it made KD 12.3 million compared to last year's KD nine million. Sheikh Ahmad expressed appreciation for efforts of all employees and board members of KPC and its subsidiaries, as well as members of the Higher Petroleum Council for the efforts they exerted to achieve this profit.(end) ema KUNA 231145 Jun 06NNNN