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Kuwait Petroleum Corporation

Coordinates: 29°21′14″N 47°56′32″E / 29.35389°N 47.94222°E / 29.35389; 47.94222
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Kuwait Petroleum Corporation
مؤسسة البترول الكويتية

The headquarters of Kuwait Petroleum Corporation in Gulf Street
Agency overview
HeadquartersAl Shuwaikh, Al Asimah
29°21′14″N 47°56′32″E / 29.35389°N 47.94222°E / 29.35389; 47.94222
Agency executive
  • Nawaf Saud Nasser Al-Sabah, Chief Executive Officer
WebsiteOfficial website

Kuwait Petroleum Corporation (Arabic: مؤسسة البترول الكويتية) is Kuwait's national oil company, headquartered in Kuwait City.

The activities of Kuwait Petroleum Corporation (KPC) are focused on petroleum exploration, production, petrochemicals, refining, marketing, and transportation. KPC produces about 7% of the world's total crude oil.

History and profile

In 1934 KPC received the first Kuwait Oil Concession Agreement after it was originally formed by the Gulf Oil Corporation and the Anglo-Persian Oil Company. In 1975 the state signed agreements with British Petroleum and Gulf and after its shares were progressively increased,[1] Kuwait Petroleum Corporation was founded on 27 January 1980[2] as an umbrella company, integrating KOC, KNPC, KOTC and PIC and effectively placing them under government control.[3] Between 1983 and 1987 KPC acquired most of Gulf Oil's refining operations in Western Europe. In 1992 KPC began to operate in Spain and in 1994 the company acquired BP's Luxembourg assets.[1]

In May 2013 Nizar Al-Adsani was appointed chief executive officer of the corporation.[4] In December 2018 Hashem Hashim was appointed as chief executive officer.[5]

In January 2020, Kuwait Petroleum Corporation and QatarEnergy signed a 15-year sale and purchase agreement for the supply of up to 3 million tonnes of LNG to Kuwait annually.[6][7] The agreement was signed in order to meet Kuwait's growing energy needs and the LNG delivery will begin from 2022.[8] In March 2022, Nawaf Saud al-Sabah was appointed new CEO.[9][10]

Production

KPC planned to achieve crude oil production capacities in Kuwait of 3.0 million barrels per day by 2010, 3.5 million barrels per day by 2015 and 4.0 million barrels per day by 2020.[11][12] Its revenue was US$251.94 billion in 2014. KPC plans to achieve crude oil production capacities of 4,000,000 barrels per day (640,000 m3/d) by 2020.[1]

Products

A Q8 petrol station in Hesperange, Luxembourg
An OKQ8 petrol station in Hedemora, Sweden

The company's products have been sold in some countries under a subsidiary's name Q8. In Europe, Q8 has a network of more than 4,400 service stations across six countries: Italy, Denmark, Belgium, the Netherlands, Luxembourg and, in Sweden, as the OKQ8 joint venture.[13]

In Scandinavia, Q8 runs 186 service stations, and 54 unmanned (under the F24 brand) in Denmark. In Sweden, a subsidiary of KPC, KPI-Q8's gas stations are known as OKQ8 – a result of a merger between Q8 and Swedish "OK", more than 900 is available, most of them unmanned.

In the Benelux, Kuwait Petroleum has a refinery in Europoort, Rotterdam, and is a partner in the Maasvlakte Olie Terminal, and runs 146 gas stations in the Netherlands. There are 404 Q8 stations in Belgium. Q8's large share of the Belgian market is due to the acquisition of Belgian BP offices in 1998 and the Aral stations in 1999. However, over the years, Q8 has closed many stations in residential areas and near apartment complexes. Like its competitors, Q8 also has a network of unmanned gas stations called Q8 Easy. In Belgium, Q8 has formed a partnership of sorts with Delhaize Shop'n Go. This is a small convenience store where ready-to-use and on-the-go products are sold.[14] However, it still is able to offer a wide variety of automotive services. They have extensive hours, and are often combined with a Panos Corner bakery.[15]

There are no more Q8 stores in the UK, after being bought out in 2004 by a joint venture company Refined Holdings, which was formed specifically for the sale. The Q8 brand has since then been phased out of the UK.

Kuwait Petroleum Corp., the state-run oil company, sold its crude oil at $3.95 a barrel below the regional benchmarks, the biggest discount since December 2008, Bloomberg reported 11 Dec. 2014. Saudi Arabia and Iraq also cut oil prices for Asia following the Organization of Petroleum Exporting Countries' decision to maintain production levels, which ensured that global oil prices would stay low. It seemed likely that Middle Eastern countries were lowering prices to defend their market shares. Kuwait has sold crude oil to Asia at a discount since at least 2000.[16]

Subsidiaries

An oil refinery in Mina-Al-Ahmadi, Kuwait.

The subsidiary companies of KPC are:[17]

KIPIC

Kuwait Integrated Petrochemical Industries Company (KIPIC) was established on 18 October 2016 as a new Subsidiary to Kuwait Petroleum Corporation (KPC). Bringing together some of the best industry expertise and world-class facilities, KIPIC's mission is to be the leader in integrated refining and petrochemicals operations and liquefied natural gas import in Kuwait's Al Zour Refinery. KIPIC is responsible for operating and managing the largest grassroot integrated complex for refining, petrochemicals manufacture businesses and liquefied natural gas import facilities at Al-Zour complex.

See also

References

  1. ^ a b c "Top 10 Oil & Gas Companies: Kuwait Petroleum Corp". OilandGas. 13 February 2018. Retrieved 8 July 2020.
  2. ^ Mary Ann Tétreault (1 January 1995). The Kuwait Petroleum Corporation and the Economics of the New World Order. Greenwood Publishing Group. p. 7. ISBN 978-0-89930-510-3. Retrieved 3 February 2014.
  3. ^ "Kuwait". Oil & Gas Journal. 16 August 1993. Retrieved 8 July 2020.
  4. ^ "Kuwait replaces oil officials at KPC after $2.2 billion Dow payment". Reuters. 19 May 2013. Retrieved 9 October 2014.
  5. ^ "Hashem Hashim appointed as CEO of Kuwait Petroleum Corporation". Oil & Gas World. Retrieved 15 July 2020.
  6. ^ "automotive digital marketing".
  7. ^ "Qatar to supply Kuwait with 3 million tonnes of LNG a year". Reuters. Retrieved 5 January 2020.
  8. ^ "Kuwait, Qatar sign long-term gas supply agreement". Xinhuanet. Archived from the original on 5 January 2020. Retrieved 5 January 2020.
  9. ^ "Nawaf Saud al-Sabah appointed as CEO for Kuwait Petroleum Corporation". Reuters. 14 March 2022. Retrieved 21 August 2022.
  10. ^ "Kuwait: Nawaf Saud al-Sabah appointed as CEO for Kuwait Petroleum Corporation". gdnonline.com. Reuters. Retrieved 21 August 2022.
  11. ^ KPC – Kuwait Petroleum Corporation. "KPC Corporate Site Our Strategy". Archived from the original on 5 July 2015. Retrieved 3 July 2015.
  12. ^ Kuwait – Analysis – U.S. Energy Information Administration (EIA)
  13. ^ "Service stations". Archived from the original on 4 July 2015. Retrieved 3 July 2015.
  14. ^ "Kuwait Petroleum Company". Oil & Gas Planet. Retrieved 15 July 2020.
  15. ^ "New Shop & Go concept launched in Belgium" (PDF). Q8 Sails. Retrieved 15 July 2020.
  16. ^ "Kuwait: Oil Discount To Asia Biggest in Years". Stratfor. Retrieved 3 July 2015.
  17. ^ "Home – Our Subsidiaries". kpc.com.kw. Archived from the original on 5 November 2012. Retrieved 19 April 2022.
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