Under the patronage of Kuwait Petroleum Corporation CEO, Mr Nizar Mohammed Al Adsani, Kuwait Oil Tanker Company (KOTC) signed a contract with Hyundai Mipo Dockyard of South Korea for building and delivering four medium range product carriers priced at US $41.9 million each with a total value of US $167.6 million.

Kuwait Oil Tanker Company (KOTC) signed USD 167.6Mln contract with Hyundai Mipo Dockyard to build 4 New tankers
Caption: Kuwait Oil Tanker Company (KOTC) and South Korean shipbuilding firm Hyundai Mipo Dockyard representatives during the signing ceremony

The contract was signed by Sheikh Talal Al Khaled Al Ahmad Al Sabah, KOTC CEO and his counterpart Mr. Sam H. Ka – President and Board of Directors Member at HHI for Hyundai Mipo Dockyard Co. The ceremony was in the presence of the Republic of Korea Ambassador to Kuwait HE Yoo Yeonchul, as well as managing directors, officials and team heads from both companies.

KOTC announced in a press release That “a tender for building and delivering the tankers has been awarded to the Hyundai Mipo Dockyard upon the approval of the Higher Purchasing Committee at Kuwait Petroleum Corporation, and the Central Agency for Public Tenders.

KOTC added that the building contract will be in accordance to the latest technical specification development in the industry, and is in compliance with all the international regulations and standards pertaining to environmental protection and pollution control, as well as limiting the emissions resulting from operating the tankers, and protecting the staff onboard and vessel security.

KOTC pointed out that these tankers constitute the last in the fourth stage of fleet modernization. Each tanker has a 48 thousand ton capacity. The actual construction process is to begin in February 2019, with the first tanker expected to be delivered in February 2020, and the fourth and last tanker in May 2020.

It stressed that by completing the fourth stage, the Corporation would be completing its fleet modernization and expansion project in accordance with the strategic directions of the KPC which would possess one of the most modern fleet for transporting oil, liquefied gas and petroleum products in the world. This would enhance its world status, benefit the future of the Kuwaiti oil industry and achieve sustainable development for our homeland. The KPC lauded the efforts of its employees to accomplish the fleet modernization project, realize the Corporation’s strategic objectives and hoist the name of Kuwait higher in the field of sea transport.

Source: KOTC