VOL. XLVI

No 51/52

22/29-December-2003

ENERGY FINANCE

KOTC Reports $28.8Mn Loss; Recoups $92Mn In Embezzled Funds

The Kuwait Oil Tanker Companys (KOTC) latest audited financial statements show that it reported a loss of KD8.5mn ($28.8mn) for the year ending 31 March 2003, compared to a profit of KD27.3mn ($92.5mn) in the previous year. The loss resulted from a slip in revenue from KOTCs fleet operations to KD42.1mn ($142.7mn) versus KD76.3mn ($258.7mn) in the previous year. General and...