Kuwait Petroleum Corporation reports KWD 2.1 billion in profits for 2025-2026

Nawaf Al-Saud: Agreement to establish a Kuwaiti petrochemical complex in China... and "Shahin" and "Saif" projects are the most prominent milestones

Najah Bilal

The Chief Executive Officer of the Kuwait Petroleum Corporation (KPC), Sheikh Nawaf Al-Saud, affirmed that KPC demonstrated a high level of readiness and an integrated operational framework despite the conditions witnessed last year, supported by unwavering determination and firm commitment. This resilience underscored the importance of KPC as one of the fundamental pillars of the national economy and its continuous ability to operate and achieve success under various circumstances.

In his 2025/2026 annual report, issued yesterday Wednesday, Al-Saud stated that despite geopolitical fluctuations and uncertainty facing the global economy, KPC achieved net profits of 2.155 billion dinars. This performance reflects the continued implementation of the 2040 strategic directions and the pursuit of operational excellence and maximizing added value across all stages of the oil sector’s value chain.

He added that during the year, the corporation also achieved several important strategic milestones, most notably the signing of an agreement by Kuwait Petroleum International (KPI) with a leading Chinese petrochemical group, paving the way for the establishment of a Kuwaiti petrochemical complex in China. This agreement represents a crucial step in expanding KPI’s international presence and strengthening its global partnerships, while supporting the diversification of its investment portfolio and increasing revenues from downstream petrochemical industries.

He further noted that the corporation launched the "Shahin" and "Saif" projects, which form two fundamental pillars of our future plans to increase production capacity and enhance the economic value of the oil sector. The "Shahin" project relies on innovative investment models aimed at maximizing returns from strategic infrastructure assets through the leasing and sub-leasing of crude oil pipeline networks, while maintaining full state ownership and operational control.

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He continued, "As for the 'Saif' project, it represents a pivotal and unprecedented step by inviting major global oil companies to contribute to the development of recent offshore discoveries, particularly the Al-Nukhatha, Al-Jaza, and Al-Jawlia oil fields, through service-based contractual models compatible with the Kuwaiti Constitution and the regulatory framework. This initiative supports the development of offshore capabilities and opens new horizons for sustainable growth."

He clarified that these two projects together form a fundamental pillar of our strategic goal to increase production capacity to four million barrels per day by 2035, in line with the highest standards of efficiency and sustainability.

Furthermore, the 5th Kuwait Oil and Gas Conference and Exhibition (KOGS 2026) served as an important platform for enhancing strategic partnerships. The event witnessed the signing of several contracts and agreements with leading global energy companies in the fields of exploration and production, field development, infrastructure, biofuels, and technology transfer, thereby enhancing the sector’s ability to increase production capacity and achieve sustainable growth in accordance with international best practices.

This report reflects a year of hard work, perseverance, and achievements, reaffirming our firm commitment to realizing the vision of the Kuwait Petroleum Corporation, enhancing operational efficiency, and ensuring long-term sustainability. Sheikh Nawaf Al-Saud considered that the corporation draws its guidance from the continuous support and wise leadership of His Highness the Amir of the State of Kuwait, Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah; His Highness the Crown Prince, Sheikh Sabah Khaled Al-Hamad Al-Sabah; and His Highness the Prime Minister, Sheikh Ahmed Abdullah Al-Ahmad Al-Sabah.