In 1975 the state signed agreements with BP and Gulf and after its shares were progressively increased,[3] Kuwait Petroleum Corporation was founded on 27 January 1980[4] as an umbrella company, integrating KOC, KNPC, KOTC and PIC and effectively placing them under government control.

[10] In March 2020, KPC announced that it and all of its subsidiaries were to cut capital and operational spending for the year since the spread of the coronavirus caused serious problems in oil supply and prices.

[11][12] CEO Hashem stated that the KPC was implementing ways to preserve public funds also beneficial to Kuwait, after the government reduced spending in the energy sector.

[12] The cancellation of the Al-Dabdaba solar plant came in July 2020, which would have provided 15 percent of the electrical energy needed in the oil sector.

[16] In December 2020, KPC signed a lease with Japan's Ministry of Economy, Trade and Industry for 3.14 million barrels of oil to be stored at Kiire station starting in the first quarter of 2021.

[17] As the coronavirus-driven oil price changes continued on, the KPC went into negotiations with Kuwait's General Reserve Fund (GRF) to set up a payment schedule for US$20 billion which will be carried out over the course of over 15 years.

[22] KPM received a compensation pay out in July 2021, amounting to US$14.7 billion, for losses in production and sales due to the 1990-91 Iraqi invasion.

The United Nation panel approved over 1.5 million claims related to the government and international organisations involved in the invasion.

[33][34] In December, KPC decided to extend the supply contracts back to March 2022, after the commissions for the Al-Zour refinery were delayed.

[35] In March 2022, Kuwait and Saudi Arabia signed documents to start developing the Durra Gas field, located between the two states, and production there is expected to reach 84,000 barrels a day.

In Europe, Q8 has a network of more than 4,400 service stations across six countries: Italy, Denmark, Belgium, the Netherlands, Luxembourg and, in Sweden, as the OKQ8 joint venture.

In the Benelux, Kuwait Petroleum has a refinery in Europoort, Rotterdam, and is a partner in the Maasvlakte Olie Terminal, and runs 146 gas stations in the Netherlands.