Kuwait Petroleum Italy Company achieved a profit of 51 million Euros

Kuwait Petroleum Italy Company achieved in the last budget for the year 2009 - 2010 approved by its General Assembly a net profit of 51 million Euros after paying the fees, which the company's management considered a great success to the global financial crisis. The head of the Kuwaiti company and the Managing Director Alessandro Jiluti said in a special statement to Kuwait News Agency (KUNA) "to achieve this positive result was a major success, taking into account the very negative scene." Jiluti said that the crisis started in marketing in the form of a significant reduction in the consumption of oil products in the context of strong competition between the old and new companies operating in this sector. He pointed out that the results achieved by the company, though owing in part to re-evaluate stocks according to accounting principles and the new tax introduced last year, but it "shows the company is solid and its competitive position and ability to deal with adverse conditions of the market through relentless pursuit to raise efficiency and improve performance across investment activities concrete and sustained in line with the strategy agreed with the contributor." Finally, the President of the Kuwaiti company said: "Whatever the concrete outcome achieved, the repercussions of the economic crisis remains very heavy, as well as remains of the oil sector in Italy suffer structural problems cannot find solutions so far" and expressed his hope that "the remaining elements of liberalization and innovation as part of their sector reform being discussed" . Kuwait Petroleum Company is a subsidiary of Kuwait Petroleum International Company, the biggest and most important companies of the European Community of the seven deployed in Italy, Germany, Sweden, Denmark, the Netherlands, Belgium and Luxembourg, and is also among the largest oil companies, the first four operating in the Italian market as the volume of total revenue in fiscal year 2007 - 2008 more than eight billion Euros.m.e