Under the patronage of Kuwait Petroleum Corporation CEO, Mr
Nizar Mohammed Al Adsani, Kuwait Oil Tanker Company 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
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
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.