Kuwait’s KOTC signs USD 79.7 mln contract for super tanker

The Kuwait Oil Tankers Company (KOTC) has signed a contract worth USD 79.7 million to have a new super tanker built as part of the fourth phase of developing its fleet, KOTC said in a statement Thursday.

The bid was awarded to the China’s Bohai Shipbuilding Heavy Industry Co., Ltd. (BSHIC) after approval of the Higher Purchasing Committee of the Kuwait Petroleum Corporation (KPC) and its subsidiaries, as well as the Central Agency for Public Tenders (CAPT).

Work on the new gigantic vessel, with tonnage of 318,000 metric tons, will commence during the first quarter of 2019, and delivery is expected by the last quarter of 2020, KOTC added.

The contract copes with the modern global standards of the crude tanker industry, as well as the global requirements, criteria and specifications of protection of the environment and curbing pollution, and emissions.

KOTC is intent to carry on with developing its fleet through new projects whose contracts are yet to be signed, the company stressed.

KOTC’s CEO Sheikh Talal Khaled Al-Ahmad Al-Sabah signed the new tanker contract with BSHIC’s chairman. KPC’s CEO Nezar Al-Adasni attended the signing ceremony.

KOTC, a KPC subsidiary, was founded in April 1957 as one of the pioneer companies for transporting oil and natural gas in the GULF area.

Earlier today, KOTC signed an agreement worth KD 140 million (USD 462 million) with three local banks to finance the construction of eight tankers.

KOTC was able to obtain the 10-year financing plan from Warba Bank, Ahli United Bank, and Kuwait International Bank.

Source: Kuwait News Agency