Pact for storage terminal project in Ras Markaz

MUSCAT: Oman Tank Terminal Company LLC (OTTCO) has been granted the ‘Usufruct Right’ by the Special Economic Zone Authority at Duqm (SEZAD) to construct a multibillion dollar Ras Markaz Crude Oil Storage Terminal.
OTTCO is one of Oman Oil Company’s subsidiaries and the investment arm of the Sultanate in the field of oil and gas.
The agreement for the project was signed by Yahya bin Said al Jabri, SEZAD Chairman, and Issam bin Saud al Zadjali, CEO of Oman
Oil Company, and Said bin
Hamoud al Ma’awali, Director of OTTCO.
A total of $1.756 billion will be invested in the first phase, including $815 million to cover the cost of crude oil tanks, and $941 million for constructing marine and other infrastructure.
The storage capacity in the first phase will be 26 million barrels. It will be executed over a period of 10 years from the date of signing of the contract.
OTTCO will execute marine facilities for import and export of crude oil with a handling capacity of 100 barrels per hour in this phase, apart from the onshore pumping plant and basic internal infrastructure.