In a statement KOTC Chairman and Acting Manager Abdullah Al-Roumi said, “KOTC has embarked on a major fleet building project to modernise our existing aging fleet and in accordance with the contract, Hyundai will design, construct and deliver four tankers to KOTC, including two crude oil tankers with a deadweight capacity of 317,000 tons. The Korean company will also design two large tankers for liquefied gas and ammonia with a capacity of 82,000 cubic metres.”

“The project will take place in two stages: the first will be incorporating the construction of seven tankers; two crude carriers, two gas carriers and three product carriers, included in the second stage, will be implemented gradually. The crude oil tankers are to be delivered in 2006 and the rest of the fleet in 2008.

“The project will also help modernise the tanker fleet that will lead to the company’s prosperity. The new tankers will reduce the average life-span of the fleet, thus increasing its general efficiency and competitive opportunities in the international market as the current fleet has become out-dated and some ports would not grant Kuwaiti tankers entry within the next two years for this reason,” he added.