Kuwait tanker operator to order four mega vessels

AFP
KUWAIT CITY —  The state-owned Kuwait Oil Tanker Co. (KOTC) will soon order four giant oil tankers expected to cost some $500 million, chairman Abdullah Al Rumi said Wednesday.

The new order was approved by the national oil conglomerate Kuwait Petroleum Corp. (KPC), and will be offered in a tender soon, Rumi told the official KUNA news agency.

Each has a capacity of 300,000 tons and will replace old tankers in the company’s fleet of 24 vessels.

KOTC signed three contracts in 2004 with South Korean companies to build seven new vessels at a cost of $540 million. Delivery is expected to start next year.

They include two very large crude carriers (VLCC), two liquefied petroleum gas tankers, and three petroleum products vessels.

Established in 1957 by a group of Kuwaiti private investors, KOTC was taken over by the government in 1979. Last year it transported some 24 million tons, half of it to the Far East, India, and Africa.

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