Kuwait's KOTC to receive 9 oil tankers in 2014/15: Al Rai 

(MENAFN) Kuwait Oil Tanker Company (KOTC) is set to receive a total of nine new tankers from South Korea in 2014/2015, local media reported.

The new tankers are part of KOTC plan to expand its fleet at the cost of USD1.75 billion, Al Rai newspaper quoted chairman Bader Nasser Al Khasti as saying.

Al Khashti told the media that this is the third pahse of the expansion plan, where KOTC expects to receive five oil tankers from Daewoo Shipbuilding & Marine Engineering and four more for petroleum products from Hyundai Mipo Dockyard .

Daewoo is also upgrading four existing tankers as part of a deal signed with KOTC in January, Al Khashti said.

The fourth phase of the expansion plan will take place between 2014 and 2018, and will include buying five more tankers to carry oil products and three more for liquefied natural gas (LNG), he indicated.

The overall expansion plan will bring the group's total fleet to 31, he added.