Lukoil Marine Lubricants, a Dubai-based subsidiary of Lukoil, has reached a renewal agreement with Kuwait Oil Tanker Company (KOTC), part of Kuwait Petroleum Corporation (KPC), for the supply of marine lubricants.
Under the deal, Lukoil will supply KOTC’s 24-strong fleet consisting of very large crude carriers (VLCCs), product carriers, liquefied petroleum gas (LPG) carriers, and bunker vessels, for the next three years.
For the past three years, Lukoil has also provided marine lubricants to KOTC’s full fleet of tanker vessels.
“Deciding to renew our contract was the best decision for KOTC as through their services, Lukoil has aided in our vision of pursuing commercially viable opportunities within the hydrocarbon shipping sector, and our mission of conducting operations … in an efficient manner while promoting safety and environmental responsibility,” Ali Shehab, CEO of Kuwait Oil Tanker Company, said.
“Given that our entire fleet of 24 vessels will be dry docking this year, the renewal of our deal with Lukoil couldn’t have come at a more opportune time,” Bader Al Najjar, Team Leader for Dry Docking, added.
Established in 1957, KOTC is mainly involved in the ownership and management of tankers engaged in the transport of crude oil, refined petroleum products and LPG. In addition, it also operates a Marine Agency Branch, acting as sole agent of all tankers calling at Kuwait’s seaport and a Gas Branch for the filling and distribution of LPG cylinders for local industry and domestic consumption.