Arab Petroleum Transport Company (AMPTC) celebrates, on Thursday, its 50 years of achievements and accomplishments.

Over the past 50 years, (AMPTC) has played a prominent role in promoting joint Arab action, as being the maritime sector of the Arab petroleum industry.

(AMPTC), which is considered the first company to emerge from OAPEC, will hold a celebration on Thursday on the occasion of its golden jubilee in the Egyptian capital, Cairo.

In a statement to KUNA, (AMPTC) Chairman of the Board of Directors Adel Al-Jassim said that the company had achieved rewarding profits during the past years, as it gained (USD 20 million) in 2020.

Al-Jassim praised the accomplishments of the (AMPCT), that included building an advanced fleet consisting of 13 tankers of different capacities, which meets the needs of the petroleum maritime transport markets and international laws and legislation.

The company had recently contracted with (Hyundai Shipyard in South Korea) to build four tankers at a cost of more than (USD 320 millio)n to replace the aging tankers that will be disposed of during the next three years, as part of a deliberate and ambitious plan to modernize and develop the company’s fleet, he stated.

Since its establishment back in 1972, the company has built strong relations with the prestigious oil companies in the shareholding countries, whether by leasing the company’s tankers at preferential prices or by entering into joint projects with them, Al-Jassim explained.

He stressed the company’s keenness to strengthen its cooperation with other companies emanating from (OAPEC) and with international companies and shipyards building tankers, institutions and international banks. (AMPTC) was established on May 6, 1972, with the approval of the leaders of the member states of the Organization of Arab Petroleum Exporting Countries (OAPEC), except Syria and Tunisia, and is based in the State of Kuwait.

Source: Kuwait News Agency