Kuwait Petroleum Corporation (KPC) recorded a net profit of KD 2.155 billion ($6.9 billion) for fiscal year 2025/2026, its highest in three years, Chief Executive Sheikh Nawaf Al-Sabah said.

He said the result came despite significant challenges during the fiscal year, including a decline in global oil prices and the fallout from the Iranian onslaught, which led to a sharp drop in crude production.

Despite the disruption, Kuwait’s oil industry achieved several key milestones, including expanding offshore exploration and strengthening its presence in the global petrochemicals market.

The record $16 billion Shaheen pipeline deal, the largest foreign investment in Kuwait’s history, was another major achievement, the official said, according to KUNA.