September 24, 2012 [Oman Daily Observer] - Oman Oil Company (OOC) is studying plans for the establishment of a 200 million barrel storage depot for crude oil and refined products at Raz Markaz in Duqm, according to the Ministry of Oil and Gas sources.
Speaking to the Observer on the sidelines of oil and gas awards and the Year 2012 book launch, Nasser bin Khamis al Jashmi, Under-Secretary, Ministry of Oil and Gas, said the Sultanate is confident that the existing reserves are sufficient and more than what is required to cater to the current local and international demands.
“Raz Markaz project is one of the biggest projects that Oman Oil is studying for storage of crude and products at Raz Markaz and this is going to be one of the largest in the world. We are planning to store about 200 million barrels there. This is currently under study and a project manager is appointed for the purpose.
We are now reviewing marketing strategy also.” He also said that OOC is studying a PET-PTA project in Sohar while its subsidiary Takamal is evaluating a number of downstream projects.
“One of the plans of the project Oman Oil is planning is the Duqm Refinery which is partnered with IPIC from the UAE. We have already established the company, a project manager has been appointed and it is at the FEED stage. We expect the refinery to be operational by 2016-17. There will be a refinery and but there will be a gap before we go ahead with the petrochemicals phase”.
