Kuwait has started a process to merge two of its state-owned oil firms, as the oil producing country seeks to restructure its energy industry. The Kuwait National Petroleum Company (KNPC) thus plans to acquire the Kuwait Integrated Petroleum Industries Company (KIPIC).
KNPC, a subsidiary of the Kuwait Petroleum Company (KPC), owns and operates Kuwait’s refining and distribution sectors, while KIPIC is responsible for facilities at the country’s Al Zour refinery.
Kuwait’s crude oil and NGL production fell by 4% in 2023 to 138 Mt, due to the voluntary production cuts in OPEC+ countries. The country exported around 2/3 of its production in 2023. Kuwait has 3 refineries, adding up to a total capacity of 1.415 mb/d: Mina Al-Ahmadi, Mina Abdulla, and the Al-Zour New Refinery Project (615 kb/d) commissioned in late 2022.