On August 20, 1926, the Bilägarnas Inköpscentral, also called IC, was formed. This after the liter price of fuel in Sweden was 35 öre a liter in 1923, at the same time as the world market price of fuel was 12 öre a litre.
However, it was not until 1969 that IC changed its name and instead became known as OK. 27 years later, in 1996, one became two when Swedish OK merged with Q8, which was the company Kuwait Petroleum Corporation’s brand offering unleaded gasoline.
The name Q8, with roots in the Middle East, took the name to allude to the roots in Kuwait. In speech, Q8 is pronounced precisely Kuwait in English.
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Photo: Fredrik Persson/TT The oil-rich country of Kuwait is where the Q8 originates. Photo: Jaber Abdulkhaleg/TTOKQ8’s establishment in Sweden
In the 2000s, OKQ8 AB to turn up the pace further when it went from being a gas station to instead becoming a service station.
Nowadays, you can buy everything from washer fluid, windshield wipers and other necessities for the car to sweets, soft drinks and sausages at any of the company’s 770 stations around the country.
Along with development and the company’s expansion, it has also been seen in the company’s cash register. From having a turnover of 25.5 billion in 2020 and 19.9 billion in 2021, the money has rattled in at a furious pace.
During 2023, the turnover rose to a breathtaking 61.7 billion kroner and the total assets were written to 13.9 billion kroner.
Until now, during 2024, they continue to draw in the large stove. Until the middle of September, turnover is written at 42.5 billion. And it looks like there will be more.
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Photo: Janerik Henriksson/TTOKQ8’s CEO earns millions
As you know, when the company runs like a train, it is usually noticed by the company’s leaders as well. There the wallet tends to get even thicker if the company is prosperous. And that’s exactly how it is for OKQ8’s Swedish CEO, Karin Erikssonwho assumed the CEO position in 2023.
According to The Tax Agency recent actions, which News24 took part in, the CEO had earned income which in 2023 was a whopping SEK 4,550,600.
Spread over the twelve months of the year, this gives her a monthly salary of a mind-boggling 379,216 kroner.
Not bad Eriksson!
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Karin Eriksson took office as CEO of OKQ8 in 2023. Photo: Press image OKQ8