São Paulo – Kuwait Oil Tanker Company (KOTC) should order eight new oil and natural gas tankers. The announcement was made by the company’s president, Bader Al Kashti, according to information disclosed by paper The National, on Thursday (16). KOTC belongs to the Kuwait Petroleum Company (KPC) and transports approximately 20% of the oil the company produces.
Three of the vessels ordered will be used to transport liquefied natural gas (LNG) and five will be turned to transporting oil. All the vessels should be delivered between 2017 and 2018.
In total, the oil company’s orders should total US$ 1.75 billion. The purchases are part of the project for renewal of the KOTC fleet, which began in 2003 and is in the fourth phase. Ten new vessels have already been delivered. Kuwait produces three million barrels of oil a day and has refining capacity of 1.5 million barrels a day.
*Translated by Mark Ament
