Extensive plans to shift Oman’s oil export capacity from the crowded Gulf waterways moving ahead, led by the newly formed Oman Tank Terminal Company will build, own and operate a huge storage facility on the eastern coast.
The state-owned Oman Oil Company (OOC) has teamed up with the Takamul Investment Company to establish a firm that will construct and take charge of the storage site at Ras Markaz, 70 km south of the oil and petrochemicals hub under development at Duqm.
The facility, forms part of Oman’s bid to carve a niche as a regional hub for oil storage. The first stage should to be operational by 2017. With a planned capacity of 200m barrels of oil and a connection to the main pipeline network via a 440-km line, the facility will become the biggest tank farm in the Middle East. A second pipeline will link the project to a refinery and export terminal at Duqm.