Parliament has approved the 2005-2006 budget for Kuwait Petroleum Corporation and its subsidiaries, projecting a net profit of at least $2 billion.

Revenues were projected at $20.2 billion and spending estimated at $18.2 billion in the fiscal year between April 1 and March 31.
Oil revenues were calculated at $21 per barrel, and a daily production of two million barrels.
Actual figures at the end of the year are expected to be much higher because both output and price are way above projections.
The average price for Kuwaiti oil in last fiscal year 2004/2005 topped $35 per barrel, while the price is currently hovering around $50 a barrel.
Kuwait is producing between 2.6 million and 2.7 million barrels per day (bpd), close to its full capacity.
KPC is responsible through its subsidiaries for oil exploration and production, marketing and shipment and also controls the emirate's three refineries with a total refining capacity of 915,000 bpd.
Actual KPC profits in 2003/2004 were $2.1 billion when the average oil price was about $26 perbarrel.
Profits for 2004/2005 fiscal year have not been officially released but reports have indicated that they could top $3 billion.
They were projected at $1.7 billion.
Before voting on the budget, which was passed by 33 MPs in favour, one against with one abstention, lawmakers emphasised the need to go ahead with projects to raise production capacity.
Lawmakers also called for more Kuwaitis to be employed in the oil sector.
KPC was established in 1980 to oversee the whole of Kuwait's oil sector.
In September and January, KPC sold its 6.19 per cent stake in French pharmaceutical group Sanofi-Aventis for $6.1 billion.