The Supreme Council Approved the Final Accounts of the Petroleum Sector
His Highness Sheikh Ahmed Abdullah Al-Ahmad Al-Sabah, Prime Minister, chaired yesterday the 133rd (2026/5) meeting of the Supreme Council for Petroleum. The Council discussed agenda items, which included projects approved by Kuwait Petroleum Corporation (KPC) and its subsidiaries, along with the strategies linked to these projects. The Council also approved the final accounts of KPC and its subsidiaries for the fiscal year 2025-2026.
Meanwhile, Sheikh Nawaf Al-Saud, Deputy Chairman and Chief Executive Officer of KPC, revealed that the corporation achieved net consolidated profits of KD 2.155 billion for the fiscal year 2025/2026, which ended on March 31. In his annual message to employees of KPC and its subsidiaries, Sheikh Nawaf said: “Despite the successive challenges witnessed last year, starting from the decline in global oil prices to the repercussions of the despicable attacks and their resulting reduction in production and refining levels, I am pleased to inform you that our net consolidated profits for the fiscal year ended on March 31, 2026, which were approved by the Supreme Council for Petroleum, reached KD 2.155 billion. These net profits exceed the results of the past three years.”
Sheikh Nawaf added: “We have jointly achieved major milestones in offshore exploration, expanded our presence in the global petrochemicals sector, and outlined the key features of massive strategic projects. Alongside laying the groundwork for the Seif project, we launched the Shahin project, which represents the largest foreign investment in Kuwait’s history, reflecting global confidence in our ability to achieve strategic objectives.”
Sheikh Nawaf pointed out that to consolidate integration within the oil sector and generate added value for our operations, we completed the first step of the restructuring program, which included establishing integrated sectors and launching Q8 stations in Kuwait.
He stated: “In previous years, I have been accustomed to sharing our financial results with you and taking pride together in what we have achieved as a single team during the fiscal year. However, last year did not end as previous years did; it concluded with the biggest shock faced by the oil sector since the Iraqi invasion in 1990. The despicable Iranian attacks targeted our refineries, tankers, oil production facilities, and installations at the airport, and even our offices. Yet, we remained steadfast, just as our predecessors did, maintaining operational continuity and fulfilling our duty toward our homeland.”
He continued: “Amid the harsh conditions we endured, we witnessed sector employees uniting across all job levels. From our newly appointed young staff, who learned about the invasion through the accounts of those who preceded them, to our brothers and sisters who lived through that ordeal and revived the spirit of solidarity and resilience, this moment has proven across all generations one unchanging truth: Kuwaiti character is rooted in love for the homeland. Employees in the oil sector, particularly firefighting, operations, emergency response teams, and tanker crews, have always been at the forefront, protecting their workplaces and national assets regardless of the level of danger and instability.”
Sheikh Nawaf Al-Saud addressed everyone, saying: “My dear brothers and sisters, this is the spirit of a single team—the team I spoke to you about since the first day I was entrusted with this responsibility. It is this spirit that makes the oil sector a source of pride for every Kuwaiti. When conditions become severe, the true mettle of the men and women bearing responsibility for this sector emerges, proving that serving Kuwait is a commitment we live and a duty we perform. This is a message preserved generation after generation. We will continue to transform challenges into opportunities that enhance the progress of the oil sector and serve our beloved homeland, under the wise leadership of His Highness the Amir, Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, and His Highness the Crown Prince, Sheikh Sabah Khaled Al-Hamad Al-Sabah.”
Sheikh Nawaf concluded: “Blessed be you, my homeland Kuwait, as our refuge. May you endure forever as a nation.”
