KOTC signs KD 140 mln agreement to finance 8 tankers construction

The Kuwait Oil Tankers Company (KOTC) signed Thursday KD 140 million agreement with three local banks to finance the construction of eight tankers.

KOTC was able to get a long-term financing plan that will extend to 10 years from Warba Bank, Ahli United Bank, and Kuwait International Bank, it said in a statement to KUNA.

The agreement was signed by Executive Managers from the four parties Sheikh Khaled Al-Ahmad Al-Sabah from KOTC, Shaheen Al-Ghanim from Warba Bank, Richard Grovice from Ahli United, and Mohammad Al-Sqaa from Kuwait International Bank.

Kuwait Petroleum Corporation (KPC) CEO Nizar Al-Adsani and KOTC Chairman and Managing Director Bader Al-Khashti attended the signing ceremony.

KOTC, a subsidiary of Kuwait Petroleum Corporation, was established in 1957 and considered the first company in the Gulf region specialized in the field of oil and natural gas transportation.

Source: Kuwait News Agency