Dubai: 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. The new deal between the two companies will help to 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.
The official signing took place recently at KOTC office headquarters in Kuwait by June Manoharan, the Director of Lukoil Marine Lubricants and Ali Shehab, the Chief Executive Officer of Kuwait Oil Tanker Company. Multiple representatives from both companies attended during the meeting at which the contract terms were agreed upon, and the agreement was signed. Attendees from Lukoil’s end included Regional Sales Manager Saif Anabtawi, Sales Manager Aravinth Sridharan, and Business Development Manager Joshan Manoharan. KOTC representatives included Team Leader for Dry Docking Bader Al Najjar, Acting Manager Jihad Al Bannay, and Superintendent Salim Al Shahoumi.
Voicing his satisfaction, Ali Shehab, the Chief Executive Officer of Kuwait Oil Tanker Company stated, “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. 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.”
Echoing a similar sentiment, Jihad Al Bannay, the Acting Manager for Kuwait Oil Tanker Company added, “Managing an extensive fleet, we are continually seeking optimization methods to enhance our operations. 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.”
Effective partnership for more efficient fleet
Bader Al Najjar, Team Leader for Dry Docking elaborated, “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. In the past three years of using Lukoil’s marine lubricants on board our vessels, our KOTC engineers have been very vocal about the numerous positive benefits which it has had in relation to previous products we have used. This combined with their iCOlube unit which works hand-in-hand to provide better vessel performance makes us optimistic about the next three years ahead.”
June Manoharan, Director of Lukoil Marine Lubricants emphasized, “This marks another landmark milestone for Lukoil as we seek to maintain our leading position in the market. 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.”
Saif Anabtawi, Regional Sales Manager of Lukoil Marine Lubricants clarified, “Kuwait Oil Tanker Company is one of our most prestigious clients, and though they have been generous in highlighting how we have added value to their operations, the great benefit which their cooperation has provided our organization with cannot be overlooked. The latter part of this decade has been fruitful in terms of the partnership we have established and developed, and we are enthusiastic that the next decade shall be even greater.”
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About LUKOIL and LUKOIL Marine Lubricants:
LUKOIL is the leading Russian company in oil exploration, production and refining, as well as marketing of petroleum products. In 2007, its subsidiary LUKOIL Lubricants Company, which is the largest manufacturer of oils and greases in Russia, decided to bring this expertise in lubricants technology to the marine industry. LUKOIL Marine Lubricants was founded as a global sales and marketing business focusing on the production and sales of marine lubricants worldwide. Since then the company already positioned itself as technology leader with the introduction of the first 100 BN cylinder oil as the answer to severe corrosive wear issues of modern engines and the development of iCOlube®, an on-board unit for intelligent cylinder oil lubrication.
About Kuwait Oil Tanker Company
Established in 1957, the company is mainly involved in the ownership and management of tankers engaged in the transport of crude oil, refined petroleum products and liquefied petroleum gases (LPG). In addition, it also operates a Marine Agency Branch, acting as sole agent of all tankers calling at Kuwait’s sea port and a Gas Branch for the filling and distribution of LPG cylinders for local industry and domestic consumption. As the transportation arm of KPC it operates, on a commercial basis, a modern balanced fleet of Very Large Crude Carriers (VLCCs), petroleum product tankers and LPG carriers to maintain a strategic coverage of KPC’s oil exports to all corners of the globe. In spite of general slackness conditions in the worldwide tankers industry in recent years, KOTC has managed to keep its profitability above the regular average due to its intensive concern for reducing operating expenses and its wise policy of replacing old ships at the appropriate times.
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