Kuwaits tender of four oil tankers to float soon

The Kuwait Oil Tanker Company (KOTC) will float a tender to build four crude oil tankers soon. The budget for the new fleet is between $120 to $130 million and is expected to rise to $520 million amid world market price fluctuations, KOTC chairman Abdullah al-Roum was quoted as saying.

KOTC has almost finished the first phase of modernizing its oil tanker fleet, which includes nine tankers. Two of these tankers will be for crude oil, three for petroleum products, two for LPG while another two will be for petroleum gas and are still under construction at Singapore for delivery by the end of 2007.