Daewoo Shipbuilding to build 2 tankers for Kuwait Oil

Kuwait Oil Tanker Co. (KOTC) announced that it will sign a contract to build two tankers for petroleum products with the Korean Daewoo Shipbuilding and Marine Engineering Co. with a total value of US$142 million and a storage capacity of 110,000 tons each. Chairman of the Board of Directors and Managing Director of KOTC Nabil Bouresli said that the project to build the two oil tankers was part of the company’s plan to modernize the fleet and in accordance with its strategy aimed at raising the number of Kuwaiti tankers to 33, adding that the two tankers will be delivered in 2012. The project to build the two oil tankers comes within the framework of the second phase in the development of KOTC’s fleet, which includes the construction of 10 tankers. (June 28, 2010)