Kuwait Oil Tanker Co (KOTC) has signed a $556 million contract with South Korea's Daewoo Shipbuilding & Marine Engineering to build five new tankers, the state news agency KUNA reported on Monday.
The four double-hull very large crude carriers (VLCC) will be able to carry 2.2 million barrels of crude each while the fifth vessel is for oil products with a capacity of 800,000 barrels, it said.
Kuwait will take delivery of the tankers in early 2014.
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