Kuwait Petroleum Company
Kuwait petroleum company is a Kuwait owned oil company, and it has its headquarter situated in Kuwait City. Kuwait Petroleum Corporation was founded on 27 January 1980 as a mother company, after merging KOC, KNPC, KOTC and PIC and effectively placing them under government control.
Exploration and production of petroleum, petrochemicals, refining, marketing, and transportation are the major activities of Kuwait Petroleum Corporation.
To give you an idea on the scale of market contribution, Kuwait Oil provide about 7% of the world’s total crude oil which helps put in perspective the size of the organisation.
It is estimated that around 3 million barrels per day were being produced by the company by around 2010, that rose to around 3.5 million barrels per day by 2015, and the company predict that this figure will rise to around 4 million barrels per day by 2020.
To put some of this oil production into financial terms, in 2014, Kuwait Petroleum Company’s revenue was crossing the $250 billion USD mark.
In May 2013 Nizar Mohammad Al Asani became the chief executive officer of the Kuwait Petroleum Corporation, right after Farouk Zanki left the head office role.
Kuwait Petroleum Products
Kuwait Petroleum Corporation (KPC) products have been sold in several different countries under a subsidiary’s name Q8. Q8 boasts of a network which consists of more than 4,400 operational service stations scattered across six countries in Europe: Italy, Belgium, Denmark, Luxembourg, the Netherlands and in Sweden.
Q8 runs around 186 service stations in Scandinavia, and under the F24 brand, it has 54 unmanned stations in Denmark alone.
In Sweden, a component of Kuwait Petroleum Corporation, KPI-Q8’s gas stations are identified as OKQ8. This is as a result of a merger between Q8 and the Swedish company known as “OK”; more than 900 stations are available, and most of them are unmanned.
In the Benelux which is a politico-economic union of three neighbouring states in western Europe: Belgium, the Netherlands, and Luxembourg, Kuwait Petroleum Corporation has its own refinery established.
This specialised refinery is precisely situated in Europoort, Rotterdam which is a very strategic location; it is also a partner in the Maasvlakte Olie Terminal, and runs 146 gas stations within the Netherlands itself.
There are 404 Q8 stations in Belgium. Q8’s large share of the Belgian market is due to the purchase of Belgian BP offices in 1998 and the Aral stations in 1999.
However, over the years, Q8 has permanently shut the doors of many stations in residential areas and near apartment complexes. Just like its counterparts, Q8 also has a network of unmanned gas stations called Q8 Easy.
In Belgium, Q8 made series of partnership deals with Delhaize Shop’n Go. This is a small convenience store where ready-to-use and on-the-go consumer goods can be gotten. However, despite this, it still has the ability to offer a wide variety of automotive services.
Q8 stores no longer exist in the UK, after being sold out in 2004 to a joint venture company known as “Refined Holdings,” a company which was set up specifically for the sale. The Q8 brand has since then seized to exist the UK.
Kuwait Petroleum Company which is the oil company run by the state, will sell its crude oil at about $3.95 per barrel lesser than the regional benchmarks. As reported on Dec. 11, 2014 by Bloomberg, it is the biggest discount since December 2008.
Saudi Arabia and Iraq also beat down oil prices for Asia following the decision made by Organization of Petroleum Exporting Countries to maintain production levels. This decision was made in order to ensure that global oil prices would remain low.
It is likely that Middle Eastern countries are reducing oil prices in order to defend their market shares. Asia has purchased crude oil from Kuwait at a discount since at least the year 2000.
Kuwait Oil Corporation Subsidiaries
- Kuwait Oil Company (KOC)
- Kuwait Petroleum International Limited (KPI – Q8)
- Kuwait Aviation Fueling Company (KAFCO)
- Santa Fe International Corporation (SFIC)
- Petrochemicals Industries Company (PIC)
- Kuwait Gulf Oil Company (KGOC)
- K-Dow Petrochemicals
- Kuwait National Petroleum Company (KNPC)
- Kuwait Oil Tanker Company (KOTC)
- Kuwait Foreign Petroleum Exploration Company (KUFPEC)
- Oil Sector Services Company
If you would like to see more on the Kuwait Oil Corporation and to have a look at what they are working on, head over to their website at Kuwait Oil Company, or, if you would like to have a look at their company profile then simply Click Here.