DE&C agrees $700m KOTC VLCC deal

Seoul: State-owned Kuwait Oil Tanker Co (KOTC) has signed a letter of intent with South Korea-based Daewoo Engineering & Construction (headquarters pictured) to build four very large crude carriers for $700m, reports Reuters. "The final contract will be signed on August 21," Nabil Bouresli is reported as saying. He added that the tankers would be delivered at the end of 2011 as part of a fleet renewal plan.  [12/08/08]