Business & Finance Club - Kuwait:  Kuwait Oil Tanker Co. will sign a $142 million contract with South Korea’s Daewoo Shipbuilding & Marine Engineering Co. Ltd. for two vessels for oil products.

The tankers, to be handed over in 2012, will each have a capacity of 110,000 tons, Bouresli said. The construction of the tankers is part of a plan by the unit of state-owned Kuwait Petroleum Corp to modernize its fleet and operate 33 tankers, Bouresli said.

Kuwait Oil Tanker signed a $708 million contract with Daewoo in August 2008 for four very large crude carriers.

Kuwait, the third-largest producer in the Organization of Petroleum Exporting Countries, plans to raise its output capacity to 4 million barrels a day by 2020. The country pumped 2.35 million barrels of oil a day in May.