Editing Economy of Kuwait (section)

===Petroleum and natural gas ===
{{Main|Oil reserves in Kuwait|Petroleum industry in Kuwait}}
In 1934, the Emir of Kuwait granted an oil concession to the [[Kuwait Oil Co.|Kuwait Oil Co. (KOC)]], jointly owned by the [[Anglo-Iranian Oil Company|Anglo-Persian Oil Company]] (later [[BP|British Petroleum Company]]) and [[Gulf Oil Corporation]] In 1976, the Kuwaiti Government nationalized KOC.
[[File:KuwaitiOilFires-STS037-152-91-(2).jpg|thumb|Smoke from burning Kuwait oil fields after Saddam Hussein set fire to during Gulf war]]
The [[Kuwait Petroleum Corporation]] (KPC), an integrated international oil company, is the parent company of the government's operations in the petroleum sector, and includes Kuwait Oil Company, which produced oil and gas; Kuwait National Petroleum Co., refining and domestic sales; Petrochemical Industries Co., producing ammonia and urea; Kuwait Foreign Petroleum Exploration Co., with several concessions in developing countries; Kuwait Oil Tanker Co.; and Santa Fe International Corp. The latter, purchased outright in 1982, gives KPC a worldwide presence in the petroleum industry.

KPC also has purchased from Gulf Oil Co. refineries and associated service stations in the Benelux nations and Scandinavia, as well as storage facilities and a network of service stations in Italy. In 1987, KPC bought a 19% share in British Petroleum, which was later reduced to 10%. KPC markets its products in Europe under the brand [[Kuwait Petroleum Corporation|Q8]] and is interested in the markets of the United States and Japan.

Kuwait has about {{convert|94|Goilbbl|km3}} of recoverable oil reserves. Estimated capacity, before the war, was about {{convert|2.4|Moilbbl/d}}. During the Iraqi occupation, Kuwait's oil-producing capacity was reduced to practically nothing. However, tremendous recovery and improvements have been made since. Oil production was {{convert|1.5|Moilbbl/d}} by the end of 1992, and pre-war capacity was restored in 1993. Kuwait's production capacity is estimated to be {{convert|2.5|Moilbbl/d}}. Kuwait plans to increase its capacity to {{convert|3.5|Moilbbl/d}} by 2005..

As part of Kuwait Vision 2035, Kuwait aims to position itself as a global hub for the petrochemical industry.<ref name="kuwaitvision">{{cite web|url=https://www.valve-world.net/webarticles/2021/06/22/al-zour-kuwaits-vision-of-becoming-an-international-hub-in-the-middle-east.html|title=Al-Zour: Kuwait's vision of becoming an international hub in the Middle East|website=Valve World|author=Ellie Pritchard|date=22 June 2021|access-date=21 July 2021|archive-date=21 January 2022|archive-url=https://web.archive.org/web/20220121165954/https://valve-world.net/webarticles/2021/06/22/al-zour-kuwaits-vision-of-becoming-an-international-hub-in-the-middle-east.html|url-status=dead}}</ref><ref name="chambers">{{cite web|url=https://chambers.com/content/item/3216|title=KUWAIT: An Introduction|website=[[Chambers and Partners]]|access-date=14 June 2021|archive-date=5 June 2021|archive-url=https://web.archive.org/web/20210605175836/https://chambers.com/content/item/3216|url-status=live}}</ref> [[Al Zour Refinery]] is the largest refinery in the Middle East.<ref name="zour1">{{cite web|title=Sinopec completes main unit of the Middle East's largest refinery|work=Hydrocarbon Processing|url=https://www.hydrocarbonprocessing.com/news/2019/12/sinopec-completes-main-unit-of-the-middle-easts-largest-refinery|date=16 December 2019}}</ref><ref name="zour2">{{cite web|title=Largest Refinery Project in the Middle East|work=Process Worldwide|url=https://www.process-worldwide.com/largest-refinery-project-in-the-middle-east-a-547741/|date=24 August 2016|access-date=14 June 2021|archive-date=22 April 2021|archive-url=https://web.archive.org/web/20210422065558/https://www.process-worldwide.com/largest-refinery-project-in-the-middle-east-a-547741/|url-status=live}}</ref><ref name="zour3">{{cite web|title=Start-up of Kuwait's al-Zour refinery still months off|work=[[Argus Media]]|url=https://www.argusmedia.com/en/news/2196345-startup-of-kuwaits-alzour-refinery-still-months-off|date=16 March 2021|access-date=14 June 2021|archive-date=16 March 2021|archive-url=https://web.archive.org/web/20210316153723/https://www.argusmedia.com/en/news/2196345-startup-of-kuwaits-alzour-refinery-still-months-off|url-status=dead}}</ref><ref name="alzour_env">{{cite journal|url=https://onepetro.org/SPEKOGS/proceedings-abstract/19KOGS/3-19KOGS/D033S018R006/218128|title=Site Preparation & Soil remediation for Kuwait's Largest Environmental Friendly oil Refinery, by Utilizing Dredging & Soil Compaction|website=OnePetro|author=Talal Aljiran; Walid Alkandari|date=13 October 2019|doi=10.2118/198101-MS|s2cid=210318313|access-date=21 July 2021|archive-date=21 July 2021|archive-url=https://web.archive.org/web/20210721064952/https://onepetro.org/SPEKOGS/proceedings-abstract/19KOGS/3-19KOGS/D033S018R006/218128|url-status=live}}</ref><ref name="kuwaitvision"/> Al Zour Refinery is a Kuwait-China cooperation project under the [[Belt and Road Initiative]].<ref name="chinakuwaitzour">{{cite web|url=http://www.xinhuanet.com/english/2019-12/14/c_138629489.htm|archive-url=https://web.archive.org/web/20191214024129/http://www.xinhuanet.com/english/2019-12/14/c_138629489.htm|url-status=dead|archive-date=14 December 2019|title=Feature: Kuwait's refinery project showcases Chinese concept of "win-win cooperation"|website=[[Xinhua News Agency]]|date=14 December 2019}}</ref>