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KOTC - 60 years of achievements in oil field
April 1, 2017, 5:38 pm
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Kuwait Oil Tankers Company (KOTC) will celebrate 60 years of achievements since being established in April of 1957 by a group of investors believing that oil will be the main source of income in Kuwait for many years to come. According to KOTC, the government became a partner to KOTC in 1976 with a 49 percent share capital, thereby providing a strong and vital boost to its development, according to KOTC.

Three years later, in June 1979, in conformity with plans to bring all its oil operations, from the well to the ultimate consumer, under one corporation, the government acquired full control of the Company's capital. When Kuwait Petroleum Corporation (KPC) was established in January 1980, KOTC assumed responsibility for the transportation sector of KPC.

Two years after its establishment in 1959, KOTC took delivery of the first crude oil tanker 'KAZIMAH' 49,000 metric tons. It was the vanguard of oil tanker flying the Kuwaiti flag and in those days it was considered a super tanker.

By 1975, the fleet had been expanded to transport over one million Metric Ton of crude oil, but due to the expansion of refinery capacity in Kuwait, product tankers were also acquired along with liquefied petroleum gas (LPG) carriers.

By 2001 the fleet reached 25 vessels of different sizes and purposes which had deadweight capacity of 3.2 million Metric Tons. The fleet reached its maximum number in 1993 with 38 vessels and capacity of 4.1 million metric tons. In the last decade, KOTC modernized and developed its fleet by building new tankers and scrapping the very old ones. In line with the company's mission and strategy to maintain a high standard fleet to cater for KPC's requirements, the Fleet New Building Projects Group (FNBPG) handles all issues pertaining to fleet renewal projects. KOTC's tankers are considered one of the most environment friendly vessels, with systems to reduce oil consumption and gas emissions. 

 


 

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