Kuwait to order nine new oil tankers

Kuwait Oil Tanker Company (KOTC) plans to contract ship builders for nine new tankers in the third phase of its fleet improvement plan, a local newspaper reported KOTC
chairman as saying on Wednesday.
"Currently, there are preparations to sign contracts to build nine new tankers ... that are expected to be delivered during the years 2013 and 2014," Nabeel Burisli, KOTC chairman and managing director was quoted as saying by Al-Rai newspaper.
It did not specify who the contracts were going to be signed with or when.
The company is aiming to upgrade and increase the size of its fleet to match OPEC member Kuwait's plans to increase crude oil production to 4 million barrels per day by 2020 from the 2.6 million bpd now, Burisli said.
Kuwait is the world's fourth-largest oil exporter and a major seller of oil products such as naphtha and gasoline.
KOTC currently has a fleet of 25 vessels, including crude carriers, oil product tankers and liquefied petroleum gas (LPG) carriers, according to its website.
A report in June 2010 from Kuwait's state news agency KUNA said KOTC had plans to increase its fleet to 33 tankers, without giving a time frame.
As part of the second phase of fleet upgrade, a contract was signed in August 2008 to build four crude oil tankers and two petroleum product tankers, Burisli said.
"Three tankers have been received and the rest will be delivered during the current year, with the last tanker expected to be delivered by April 2012," he said.
The total cost of the budget for the second phase was about 209 million Kuwait dinars ($760.8 million). He did not give a cost for the third phase.
Source: Reuters