A New Era in the History of Kuwait's Oil Industry
Establishment of Kuwait Petroleum Corporation, through an Amiri decree in 1980, heralded the beginning of a new era in the history of Kuwait's oil industry. By virtue of this decree, Kuwait Petroleum Corporation (KPC) was set up in January 1980 to bring together, under one umbrella, the four nationally-owned companies operating in the fields of oil production, processing and transportation, namely:
* Kuwait Oil Company (KOC), which assumed responsibility for the exploration and production of oil and gas within Kuwait.
* Kuwait National Petroleum Company (KNPC) which undertook the responsibility for refining liquefied gas operations and also the marketing of petroleum products within Kuwait on behalf of the marketing sector in KPC. Its current Domestic Refining Capacity is 800,000 BPD.
* Petrochemical Industries Company (PIC), which was given the responsibility for producing and marketing fertilizers and petrochemicals.
* Kuwait Oil Tanker Company (KOTC), which took over the transport operations of crude oil, petroleum products, and liquefied gases. The company has a deep sea tanker fleet of 38 vessels, totalling in excess of 4.4 million DWT.
In pursuit of its long-term objectives of diversification and flexibility, KPC expanded its foreign operations through the following three new subsidiary companies:
* Kuwait Foreign Petroleum Exploration Company (KUFPEC), established in April 1981, which handles all overseas investment operations in petroleum exploration and exploitation. …