KOTC to Order Mega Vessels

Wednesday, September 27, 2006
According to AFP, Kuwait Oil Tanker Co. (KOTC) will soon order four giant oil tankers expected to cost some 500 million dollars, chairman Abdullah Al Rumi said on 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 tonnes 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 dollars. 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. Source: Business Times
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