Kuwait Oil Tanker Company (KOTC) has agreed a $167.6 million deal with South Korean shipbuilding firm Hyundai Mipo Dockyard for the construction of four petroleum tankers, The Arab Times reported.
The KOTC stated that the “world-class quality” project is environmentally-friendly and adheres to maritime safety standards.
Each tanker will weigh 48,000 tonnes and construction of the first ship will be completed by February 2020, with the remaining three to be finished in May 2020.
Kuwait Petroleum Corporation CEO Nizar Al Adsani announced on April 24 that the NOC is looking to more than double its tanker fleet from 28 to 60 ships by 2040.
Hyundai Heavy Industries previously signed a deal worth $213 million to construct three liquefied gas tankers for KOTC, according to The Oil and Gas Year.