It has been confirmed that Kuwait Oil Tanker Company (KOTC) is to merge with sister company Kuwait Petroleum Company (KPC) International Marketing as part of the ongoing restructuring of the KPC group. The International Marketing division handles sales, chartering and marine operations, while KOTC has a fleet of 10 VLCCs, 14 product tankers, 5 LPG carriers and 2 bunker ships to service its parent group’s transportation needs.
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Speaking at the recent TMS Webinar, outgoing KOTC CEO, Ali Shehab, said,”This merger will create something bigger, similar to our peers in the GCC region, such as Bahri, ADNOC L&S and Oman Shipping. My personal view is that this will be a very positive development and from here on KOTC will only get better.”
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As announced at the Webinar, Ali Shehab is retiring from KOTC after 35 years of service. He will be succeeded as Acting CEO by Abdulnasser Al Fulaij, Managing Director of KPC International Marketing.
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KPC is planning to complete its major restructuring exercise which will reduce the number of subsidiaries from 8 to 4 by the end of the year, with the aim of reducing costs and improving efficiencies.
