OIL

Tankers in Middle East demand

Saudi Arabias National Shipping Co (NSC) has awarded a contract for two oil tankers to South Kore...

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The company has ordered the vessels for delivery in 2007 as part of a fleet expansion due to oil demand increases and OPEC plans to boost its output capacity drastically over the next 15 years.

The price for the ships is thought top be around US$102 million each, making them the most expensive contracted since 1992.

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