KOTC receives new giant tanker in S. Korea

Kuwait Oil Tanker Company (KOTC) on Friday received a giant tanker in a grand ceremony in the South Korean port city of Busan, with KOTC Board Chairman and Managing Director Nabil Bouresli and Kuwaiti Ambassador Muteb Al-Mutoteh attending. In a statement to Kuwait News Agency (KUNA) after the ceremony, Al-Mutoteh said the 320,000-ton oil tanker "Al-Rigga" joined KOTC fleet as part of its continuous efforts to modernize the fleet. "Upgrading KOTC fleets is in line with developments and demand of the global oil market and strengthening Kuwait's export capacity to meet its strategic targets for the safe transportation of crude oil and derivatives," the diplomat said. Al-Rigga is the fourth of six giant vessels built in South Korea at a cost of USD 800 million, Bouresli said earlier this week. The company has implemented a plan since 2003 to upgrade its fleet. First phase of the scheme started with construction of nine tankers, and ended in 2008. The second stage started in 2009, with the aim of building six tankers, including four very-large crude carriers (VLCCs) and two for carrying bi-products. Bouresli also said that the KOTC is enlarging its fleet in harmony with the state plan to increase the crude output to four million barrels per day by 2020. Currently, the KOTC operates up to 22 double-deck tankers and its strategy is to increase its fleet to 32 tankers, according to Bouresli