Finance Monthly CFO Awards Winners Edition

Finance Monthly CFO Awards 2020 www.finance-monthly.com 73 KUWAIT Finance Monthly CFO Awards 2020 Executive Vice President, Planning & Finance of Q8 WALEED AL BEN ALI ABOUT Q8 Kuwait Petroleum International, known by our trademark Q8, was established in 1983. Our main focus is to refine and market fuel, lubricants and other various petroleum derivatives globally. We are the international subsidiary of Kuwait Petroleum Corporation, which combines elements of Kuwait oil sector under one corporate umbrella and is recognized as one of the world’s top ten energy conglomerates. The story of Q8KPC was established to manage and integrate the different aspects of the oil industry; upstream, downstream, and marketing. Throughout the 1980’s, expansion and integration occurred continued, and in 1983, KPC acquired most of Gulf Oil’s refining and marketing operations in Western Europe, in addition to BP’s Danish operations and established Kuwait Petroleum International (KPI) in London to manage these interests. KPI is 100% owned by KPC. In 1986, the ‘Q8’ brand was launched. Other major expansions such as the purchase of Mobil network in Italy took place in the early 1990s. With a focus on international expansion, Q8 began operations in Spain in 1992 and two years later acquired BP’s Luxembourg assets. Q8 penetrated the Italian market as well, with a refining joint venture with AGIP (later acquired by ENI) at Milazzo, and invested further in Italy’s retail stations. Additional investment was made in Belgium and a further joint venture with OKF resulted in the birth of OKQ8; the biggest fuel retail market player in Sweden. In 2004, Q8 decided to leave the UK market as the profitability was not sustained. The Company, however, expanded its market shares in the Netherlands by acquiring a part of BP network as well as an automat network (TANGO). In Belgium, Q8 become the second biggest market player due to the acquisition of BP and Aral networks. Airport refueling operations throughout Europe and Hong Kong were also expanded. Today, Q8 employs 3600 professionals from all over the world, and markets approximately 450,000 barrels per day through its aviation, direct and lubricant business and more than 4000 retail service stations. It has also a JV refinery in Vietnam - the largest in the country - where commercial operation is expected in 2017. Our Mission: Maximize the value of Kuwaiti hydrocarbons through domestic and international refining, petrochemicals and marketing. Our Vision: To be a leading player in the global oil and gas downstream sector, recognized for the strength of our performance and admired for our significant contributions to the State of Kuwait. www.q8.com ABOUT WALEED AL BEN ALI Waleed Al Ben Ali was appointed as the Executive Vice President-Planning & Finance at KPI, the international downstream subsidiary of state owned Kuwait Petroleum Corporation (KPC) on 2 May 2019. With a degree in Accounting from the United Arab Emirates University, he has a varied and rich experience of nearly three decades in Kuwait’s downstream and upstream business sectors. He started his career in KNPC during 1990, and thereafter he joined KUFPEC during 2003. At KUFPEC, he started with the Finance Department and was later elevated as the Manager, Commercial during 2012, where he was responsible for the Tax, Treasury, Marketing and Insurance. His current responsibilities include supporting the President & CEO of KPI in establishing, communicating, monitoring and implementing a clear strategy through long term ambitious plans up to 2040, besides the Five- Year Plan and Annual Budget for the current operations mainly in Europe and expanding in Vietnam, Oman and other new markets.