OPEC's oil output decision intended to keep market share-Kuwait oil min

 

Dec 14 (Reuters) - Kuwait's oil minister said on Sunday that OPEC's decision last month to keep output unchanged was intended to retain market share, even if it meant that it "would negatively affect prices, state news agency KUNA said.

"OPEC, which includes Kuwait in its membership, took the decision not to cut production in order to maintain market share, even if not cutting output negatively affects prices," KUNA quoted Ali al-Omair as saying.

Brent crude settled at below $62 a barrel on Friday after the world energy watchdog forecast even lower prices on weaker demand and larger supplies next year. (Reporting by Sami Aboudi; Editing by Jon Boyle)

 

 

Kuwait Oil joins Damen for tug naming ceremony

 

 

Kuwait Oil Company (KOC) has named the latest ASD 3212 tug designed by Damen Shipyards Group as Shahem, the second in a series of 14 tugs that the company is building for KOC.

The naming ceremony of the ASD 3212 tug vessel at Damen Shipyards Galati was attended by KOC chief executive Hashem Sayed Hashem, deputy CEO Hassan Ali Bunnain, manager of KOC’s marine operations group Fadhel Boresle and the third secretary of the Embassy of Kuwait in Romania Salem Al Ajmi.

The Kuwaiti firm had awarded Damen the contract to design, construct and deliver the series of tugs in September 2012.

KOC will be using these tugs to assist tankers at near shore loading terminals and at new single point moorings offshore.

Addressing the gathering at the naming ceremony, Sayed Hashem said: "We believe without exception that all tasks undertaken by KOC and Damen were completed with outstanding dedication, professionalism and commitment."

Welcoming the guests, Damen CEO René Berkvens, stressed the value of the long-term relationship with KOC.

“The co-operation between KOC and Damen dates back a quarter of a century, when Damen delivered several fast crew vessels and the large FiFi and terminal tug, Sabahi, to KOC. Today, we are extremely proud – once more – in having another magnificent project together,” he added.

The substantial contract covers two vessel types, nine of Damen’s new, successful ASD 3212 vessels with a bollard pull of 80 tonnes and 5 of the well known ASD 2810 design, with a 50 tonnes bollard pull.

Whilst the vessels are based on proven designs, Damen is extensively tailoring them to meet KOC’s requirements.-TradeArabia News Service