The Kuwait Oil Tanker Company (KOTC) received the Shegardiah oil tanker from South Korean manufacturer Hyundai Mipo Dockyard on April 28.

The two companies will expand their reliance on non-metallic materials in a wide range of applied application areas, led by the automotive industry.

Kuwait Oil Tanker Company has agreed a $167.6 million deal with South Korean shipbuilding firm Hyundai Mipo Dockyard for the construction of four petroleum tankers.

The fund will be directed to the second phase of the Kangan oil production and refinery project in the southwest part of Iran.