Kuwait Oil Tanker to Grant USD 556 Million Contract for Five Tankers to DSME

The state-owned Kuwait Petroleum Corp. has given approval to Kuwait Oil Tanker Co. to grant contracts worth $556 million to South Korea’s Daewoo Shipbuilding & Marine Engineering Co. (042660) for five crude-oil tankers, reports Bloomberg.

The tankers are deemed to be part of Kuwait Oil Tanker’s plans for nine new vessels, in a third phase of its fleet modernizing.

The Kuwait Oil Tankers Company was established in 1957 as by a group of Kuwaiti investors in light of the entry of Kuwait, the oil world and in 1976 bought the government’s share estimated at 49% of the company and three years later acquired full to be arm-carrying Kuwaiti oil within the system of the Kuwait Petroleum Corporation (K.P.C).a.a.

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World Maritime News Staff, January 5, 2012;