Dubai-based subsidiary of Lukoil, Lukoil Marine Lubricants (Lukoil), has reached a renewal agreement with the subsidiary of Kuwait Petroleum Corporation (KPC), Kuwait Oil Tanker Company (KOTC). For the past three years, Lukoil has supplied KOTC’s full fleet of tanker vessels with their specialized product of marine lubricants.
“This marks another landmark milestone for Lukoil as we seek to maintain our leading position in the market," said June Manoharan, director of Lukoil Marine Lubricants. "We are thrilled to have reached this renewal agreement with KOTC both quickly and efficiently, and with both parties being more than satisfied with the final outcome. We understand the importance which Kuwait Oil Tanker Company places on being a world class provider of marine transport, and we are firmly committed to reinforcing their values and objectives through our products and services. Lukoil is certain that the next three years will be just as, if not more, remarkable than the past three and we are confident that our strategic partnership is a sign of great things to come in the future.”
The new deal between the two companies will build upon the existing foundation of an already solid business working relationship. As per the contract terms, Lukoil will supply KOTC’s 24-strong fleet consisting of very large crude carriers (VLCC’s), product carriers, liquefied petroleum gas (LPG) carriers, and bunker vessels, for the next three years.
“Though our business relationship with Lukoil has been brief thus far, the company and its personnel have demonstrated nothing short of first-class quality with both their marine lubricant product, and the excellent services they have provided us with during our three-year collaboration," Ali Shehab, KOTC's CEO, said. "Ultimately, 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 to world class standards in an efficient manner while promoting safety and environmental responsibility.”
“Managing an extensive fleet, we are continually seeking optimisation methods to enhance our operations," said Jihad Al Bannay, KOTC acting manager. "This is not just for the benefit of our business, and to the advantage of our clients, but also for the well-being of the environmental landscape. Since 2015, Lukoil has helped us achieve this by repeatedly proving their innovative and technological expertise within the industry. This is something we are deeply appreciative of, and it was a major factor which contributed to our ability to easily agree upon a contract extension.”