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KOTC signs Daewoo deal
August 12, 2008: Kuwait Oil Tanker Co (KOTC) has signed with South Korea's Daewoo Engineering & Construction a LoI to build four large crude carriers for $700 million. The final contract will be signed on August 21 and the delivery will be in end 2011 as part of a fleet renewal plan.
KOTC will also announce in mid-September the winner of a tender to build two tankers for petroleum products costing $180-$200 million.
Source: Gulfnews.com