MUSCAT: The Special Economic Zone Authority at Duqm (Sezad) has granted Oman Tank Terminal Company (OTTCO) a usufruct right to construct Ras Markaz crude oil storage terminal.
OTTCO is one of Oman Oil Company’s subsidiaries, the investment arm for the Sultanate of Oman in the field of oil and gas industry.
The agreement was executed on behalf of Sezad by Yahia bin Said bin Abdullah Al Jabri in his capacity as the chairman of the board and on behalf of Oman Tank Terminal Company by Eng. Isam bin Saud Al Zadjali, CEO of Oman Oil Company and Said bin Hamoud Al Maawali as the director of OTTCO
The establishment of Ras Markaz crude oil storage terminal falls under the Sultanate’s promising plan for economic diversification and maintaining a crude oil storage terminal for Oman and as an endeavour to make Oman become an international centre for the storage of crude oil and its derivatives leveraging its geographic location alongside the Indian Ocean.
Moreover, the newly established terminal will help Oman find an additional port for the export of crude oil.
Ras Markaz is located 70-km south of Al Duqm Centre and the total area allocated for the storage terminal is 1,253 hectares which is deemed convenient for high storage capacities.
The agreement grants OTTCO exclusive rights to develop the storage of crude oil and its derivatives in Ras Markaz area for a period of 20 years and for five years in Sezad as a whole provided that no other company will be permitted to establish or carry on any similar activity.
