Kuwait Oil Tanker Company (KOTC) is setting more than double its fleet by 2040, according to Nizar Al-Adsani, CEO of the company’s parent, Kuwait Petroleum Corporation (KPC)
Target to increase international trade, KOTC has set its plan on building up the fleet size to 60 vessels in total. The fleet expansion will go together with OPEC members’ plans to build up crude oil production.
The intention was revealed during the Middle East Petroleum and Gas conference, being held in Abu Dhabi, the Platts said.
KOTC currently has a fleet of 28 ships, comprising 12 very large crude carriers (VLCC), ten product carriers, four LPG carriers, and two bunker vessels, according to the KOTC website.
Moreover, KOTC is said to be planning to add eleven product tankers, six VLCCs, and one more LPG vessel to its ordering tally, according to Nizar Al-Adsani.