Kuwait Oil Tankers Company Essay

Kuwait Oil Tankers Company Essay

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It was the year 1957 when some innovative and dedicated minds meet up and decided to set off a new journey in the field of oil industry. It was not easy for Kuwait Oil Tankers Company to make place in the existing business place because the Arab states are already having several companies that are dealing with this business and most of them were enjoying some great support and international fellowship; however the management and the leaders of this organization proved their vision and their hard work soon.
Most of the experts are of the view that the company has been a due potential right from the beginning of its operations. Although working in oil and gas is not an easy task in the current scenario because it is one of the most crucial business areas and need some real innovative approach, especially when the company is supposed to deal with the transportation of oil and gas via seas.
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.
The importance of this company can be observed with the fact that the government also decided to be the partner of Kuwait Oil Tankers Company in the years 1976 and contributed in the capital of the company that was more or less forty nine (49) percent of the total shares. The history of their success is not limited as we can see that after three years, in the year 1979 Kuwait Oil Tankers Company decided to bring a new change and they started the...

... middle of paper ...

...at is your opinion about the new and the existing competitors, and where do you see them as your future competitors?
Analysis of interview
Mohammed AlTuwaijri was really optimistic about the future of his company and he was of the view that the idea of scarcity of natural resources is yet a myth and nothing has proved yet, and also because natural resource fields are still to this current being discovered in huge amounts. He also pointed out that Kuwait Oil Tankers Company is enjoying a good and healthy business since its birth and therefore he is not seeing any major change in this trend. Mohammed AlTuwaijri also stated that Kuwait Oil Tankers Company does not believe in monopoly. He affirmed that only competition can improve the level of production in the market and therefore he is not afraid of competition rather he encourages newcomers to this business.

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