Kuwait Oil Tanker Company plans to contract ship builders for 9 new tankers in the Phase III of its fleet improvement plan.

Mr Nabeel Burisli CMD of KOTC said that "Currently, there are preparations to sign contracts to build nine new tankers that are expected to be delivered during the years 2013 and 2014.”

Mr Burisli said that the company is aiming to upgrade and increase the size of its fleet to match OPEC member Kuwait's plans to increase crude oil production to 4 million barrels per day by 2020 from the 2.6 million barrels per day now.

Kuwait is the world's fourth largest oil exporter and a major seller of oil products such as naphtha and gasoline. KOTC currently has a fleet of 25 vessels including crude carriers oil product tankers and liquefied petroleum gas carriers. KOTC had plans to increase its fleet to 33 tankers without giving a time frame.

Mr Burisli said that as part of the Phase II of fleet upgrade, a contract was signed in August 2008 to build four crude oil tankers and two petroleum product tankers. Three tankers have been received and the rest will be delivered during the current year with the last tanker expected to be delivered by April 2012.

(Sourced from Reuters)