KUWAIT CITY (AFP) — The state-run Kuwait Oil Tanker Company (KOTC) said on Thursday it had signed a contract with South Korea's Daewoo to buy four oil tankers worth more than 700 million dollars.
KOTC chairman Nabil Bouresly said the deal with Daewoo Engineering and Construction was part of a plan to renew the company's fleet, official KUNA news agency reported.
The tankers will be built at a cost of 176.9 million dollars each, will have a maximum loading capacity of 318,000 tonnes and will be delivered by 2012, the agency said.
Bouresly said that KOTC was also expected to launch tenders by October for the purchase of two other giant oil tankers.
The new ships will replace old ones at KOTC which carry petroleum products including crude oil and liquified natural gas.
KOTC, a subsidiary of Kuwait Petroleum Corporation, is one of the largest companies in the world specialising in the transport of crude oil. Founded by private investors in 1957, it was nationalised in 1979.
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