Kuwait Petroleum Corporation earns over 70 billion U.S. dollars in revenue

Kuwait Petroleum Corporation ( KPC) has earned 70.24 billion U.S. dollars in revenue in 2005-2006 fiscal year, in comparison with last fiscal year's 55.81 billion dollars, the official Kuwait News Agency reported Wednesday.

The KPC Chief Executive Officer (CEO) Hani Abdul-Aziz Hussein was quoted as saying that total profits of KPC for the fiscal year 2005-2006 reached 7.85 billion dollars.

Salah Abdullah Abdul-Melik, head of the exploration studies team of the corporation, said that about 35 trillion cubic feet (1 trillion cubic meter) of natural gas and some 10 to 13 billion barrels of light crude oil had been discovered in northern Kuwait in March.

KPC, a state-owned umbrella corporation, takes control all of petroleum and oil-related aspects of Kuwait.

Kuwait, an OPEC member, has the world's fourth largest oil reserve of about 96.8 billion barrels. Currently, Kuwait produces almost 2.4 million barrels a day.

Source: Xinhua