Middle East Economic Survey
Kufpec Reports Profits Of $104Mn For 2004
The Kuwait Foreign Petroleum Exploration Company (Kufpec) on 30 March announced a net profit of $103.8mn for 2004, an increase of 18% over 2003, as a result of increased production and higher crude prices. Total revenues for 2004 amounted to $359.5mn compared with $312.6mn in 2003. The state-owned company, which is the foreign operating arm of Kuwait Petroleum Corp (KPC), said it invested...