Kuwait raises fleet of oil tankers to 20

Oct 27, 2010 12:00 AM

Kuwait is due to celebrate receiving the giant crude oil tanker, dubbed "Dar Salwa," with a total of upload of 2.1 mm barrels at a total cost of around $ 169 mm.

The tanker is considered the first of four carriers currently being built by Daewoo for shipbuilding and heavy engineering construction.

Kuwait Oil Tanker Company (KOTC) Chairman and Managing Director Nabil M. Bourisli told that by receiving the double-deck giant tanker, KOTC will possess a total of 20 oil tankers equipped with various sizes and purposes. Bourisli said KOTC future plan is to build 10 more high tech oil tankers during the next three years.

The KOTC Chief added that the tankers, which are being built at Daewoo Shipbuilding and Marine Engineering Company, South Korea's second biggest shipbuilder, designed to correspond with the laws of global navigation, safety standards and security.

KOTC was founded in April 1957, by a group of Kuwaiti pioneer investors, who had a vision of how important sea borne transportation would be for the development of oil industry and how essential it becomes to exploit and discover oil in Kuwait.

As oil becomes the major source of energy and the world demands increased substantially, its transport in crude, refined and liquefied product forms did indeed develop into an important part of the marketing activity. Thus in 1976, the government decided to become a partner to KOTC with a 49 % share capital, thereby providing a strong and vital boost to its development.

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