Kuwait signs a contract to buy three oil tankers

The Kuwaiti Oil Company on Tuesday finalized a contract with the Southern Korean Hyundai Heffy Industries at a cost of USD 182 million to purchase three new oil tankers, one week after requesting four other oil tankers.

Last week, the Kuwaiti company signed a purchase contract of four giant oil tankers -- two for transporting oil and to for transporting gas -- at a cost of 360 million dollars.

According to a statement issued by the Kuwaiti company, Kuwait will receive the three oil tankers in the period between 2006 and 2008 so as the new tankers to replace the ships of the company's fleet of 24 vessels used in transporting oil products and transporting crude oil and liquid natural gas.

The fleet of the Kuwaiti oil transport tankers of the government's oil company receded during the past years from 37 to 24 tankers despite the increasing demands for oil transport.

Worthy mentioning that the Kuwaiti company is one of the largest oil transport company in the world. It was established in 1957 at the hand of several Kuwaiti investors from the private sector before it was handed over to the government in 1979.

In 2003, the company transported some 24 million tons of oil products, half of which towards the far east, India and Africa.