Kuwait Oil Tanker Company plans huge fleet expansion

14 August 2008
Kuwait Oil Tanker Company (KOTC) is unveiling plans to expand its fleet of very large crude carriers (VLCCs) to 34 vessels, from its current eight, by 2020.

The state-owned oil transportation group has signed a letter of intent with South Korea's Daewoo Engineering and Construction to build four VLCCs at a cost of $700m. The two companies will sign a contract on 21 August, with the ships scheduled to be delivered in 2011.

The company plans to renew its fleet of ships over the coming decade, and will issue a tender in September to build two tankers for petroleum products. The company says it also aims to build another nine tankers by next year.

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