KGOC Operating Budget Hits KD 400 Mln

The Kuwait Gulf Oil Company (KGOC), a subsidiary of Kuwait Petroleum Corporation (KPC), has set its annual operating budget for 2013 at an estimated KD 400 million, KGOC Chairman and Managing Director Hashim Al-Rifaei said. Speaking to reporters on the sidelines of the company's annual ceremony to award its long-serving staff, Al-Rifaei said the budget was set during meetings with a KGOC committee on subsidiaries' annual budgets.

He boasted that his company develops holistic strategic blueprints to develop oil wells and to tap world sophisticated technological applications in oil exploration. On awarding ceremony, the KGOC chairman hailed the move as a "good gesture" from the company's administration to award those workers who have worked in the Kuwaiti oil sector for more than 30 years. "The company's ceremony stems from our social responsibility towards long-serving employees. The honoring of long-serving employees shows attention to, and care for, the human element," he said.