Kuwait Buys Six Oil Tankers

Kuwait Oil Tanker Company plans to order six new oil tankers at a cost of $800 million, the company chief said in comments published Wednesday.

Nabeel Buresli told Al-Rai newspaper the firm plans to award the contract to Japanese or South Korean shipbuilders in the first half of this year and warned the price could increase as global costs were on the rise.

It will take three years to build the four very large crude carriers (VLCCs) and two large petroleum products tankers, Buresli said.