KOTC clinches $167 mln oil tanker deal

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KUWAIT CITY, April 24: Kuwait Oil Tanker Company (KOTC) and South Korean shipbuilding firm Hyundai Mipo Dockyard have cosigned a contract worth $167.6 million to build a quartet of petroleum products tankers, as part of a major KOTC fleet overhaul.

The signing ceremony brought together senior officials from both companies, the state-run marine transport firm said in a statement on Tuesday, adding that the “word-class quality” project is environment friendly and adheres to established maritime safety standards.

With the addition of the four immense tankers, with an individual weight of 48,000 tons, KOTC seeks to beef up its diverse arsenal of oil and gas tankers, it added. The company revealed that the first tanker would be fully built by February of 2020, with the remaining three to follow suit by May of the same year. KOTC has said that its 2020 fleet modernization plan aims for a significant increase of its gas and petroleum product vessels based on the needs of Kuwait Petroleum. (KUNA)