VOL. XLIII

No. 44

30-OCTOBER-2000

KUWAIT

KUFPECs Net Profit Rises By 49% In 1999

In 1999 the Kuwait Foreign Petroleum Exploration Company (KUFPEC) a wholly-owned subsidiary of the state-owned Kuwait Petroleum Corporation (KPC) posted a 49.2% increase in its net profit after taxation to KD22.4mn ($73.8mn at the yearly average exchange rate of 1KD=$3.28) from KD15mn ($49.2mn) in the previous year. According to the companys Annual Report, the value of KUFPECs crude oil sales rose by 21.5% in 1999...