Kuwait New Law: Big decision of Kuwait government, change in rules of oil company KPC, now earnings will increase and foreign companies will get opportunity.

The Kuwait government has made major changes in the way its big oil company Kuwait Petroleum Corporation (KPC) works. The government has issued a new law to make the company stronger in the world energy market. With this decision, stalled projects will be restarted and the country’s income will increase.

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Kuwait Cabinet passed Law No. Changes have been approved in 6/1980. Former minister and KPC board member Yahya Al-Sumait said the move would remove obstacles to work. He expressed hope that now some parts not related to oil resources can be privatized, due to which local and foreign companies will also be able to come into this sector.

Oil expert Kamel Al-Harami has also supported this move. He suggested that apart from oil and gas extraction, work like refining and fuel marketing could be handed over to private companies so that new avenues of earning could be opened.

Another major decision has been taken to further improve Kuwait’s oil companies. The Supreme Petroleum Council has approved the merger of Kuwait Integrated Petroleum Industries Company (Kipic) into Kuwait National Petroleum Company (KNPC).

According to the data, KPC’s total income for the year 2024/2025 was 30 billion dinars, while its total expenses were recorded at 28.6 billion dinars.

Recently KPC has withdrawn all declarations of ‘Force Majeure’. After maritime security is restored and international shipping returns to normal, the company is now preparing to increase its oil production to more than 2 million barrels per day within a week.