Kuwait Oil Tanker Company (KOTC) and South Korean construction firm Hyundai Heavy Industries have co-signed a contract worth USD 213.360 million to build three immense gas tankers, as part of a major KOTC fleet overhaul.
The deal entails the construction of three liquefied gas tankers at a cost of USD 71.12 million per tanker, the marine transport company said in a statement to KUNA.
Meanwhile, KOTC CEO Sheikh Talal Al-Sabah and Sam-hyun Ka, who serves as President and Inside Director of Hyundai Heavy Industries, put their names on the dotted line in a ceremony that brought together officials from both companies.
The statement touted the "world-class quality" project that seeks to beef up KOTC's fleet of liquefied gas tankers as environment friendly, noting that it fully adheres to established maritime safety standards.
The company revealed that the first out of three gas tankers would be fully built by the end of 2019, upping the company's diverse arsenal of gas tankers to 31.