Kuwait

The State of Kuwait is a small oil-rich monarchy on the coast of the Persian Gulf, enclosed by Saudi Arabia in the south and Iraq in the north. Kuwait is located in the Middle East.

Oil Industry

Because the government owns the oil industry, it controls most of the economy?in all, about 75 percent of the GDP. Kuwait?s oil exports vary depending on internal needs (almost all of Kuwait?s energy is derived from oil), international demand and prices, and production quotas fixed by the Organization of Petroleum Exporting Countries (OPEC), of which Kuwait is a member. OPEC?s quotas, however, are difficult to enforce, and Kuwait and other countries have been accused of violating them. In 2002 oil production was 692 million barrels.

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The chief oil companies are -

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• Kuwait Oil Company (KOC) - A crude oil exploration and devolpment company
• Kuwait National Petroleum Company (KNPC) - Runs Oil Refineries across Kuwait
• Petrochemicals Industries Company (PIC) - Petrochemical & Fertilizers manufacturer
• Kuwait Petroleum Intl. Limited (KPIL - Q8) - Runs refining and marketing business in Europe
• Kuwait Foreign Petroleum Exploraton Company (KUFPEC) - Intl. Oil Exploration Company
• Equate - A Petrochemical company formed by PIC and Dow Chemical