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Kuwait's oil profits increased by a factor of seven
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SPECIAL TO WORLD TRIBUNE.COM
Tuesday, May 31, 2005
ABU DHABI — Kuwait's state-owned oil company has reported a profit
increase of nearly seven-fold.
The Kuwait National Petroleum Co reported net revenues of $2.15 billion
in the year that ended on March 31. The profit for the previous year was
$322 million.
"These profits are unprecedented in the company's history," company
chairman Sami Al Rashid said.
Al Rashid attributed the soaring revenues to the sharp increase in the
price of oil as well as enhanced operational efficiency, Middle East Newsline reported. Kuwait National
Petroleum operates the sheikdom's three refineries, two of which were slated
for modernization. The company also plans to build a third refinery.
Copyright © 2005 East West
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