January 15, 2022 [Muscat Daily] – Oman’s global integrated energy group, on Tuesday announced that it has successfully received the first shipment of crude oil at Ras Markaz Crude Oil Storage and Export Terminal, which is being carried out by its subsidiary Oman Tank Terminal Company (OTTCO).

This comes as part of the efforts exerted by OQ to take advantage of Oman’s strategic location by finding alternatives to storing crude oil outside the Strait of Hormuz and then exporting it to regional and international markets. This provides oil exporters with an opportunity for finding alternative clients. Additionally, this project will meet the demands of the projects that are being implemented in the Special Economic Zone at Duqm (SEZD).

In a press statement, Hilal bin Ali al Kharusi, CEO of commercial and downstream sector at OQ and chairman of OTTCO, said, “Our success in receiving the first shipment of crude oil at Ras Markaz Crude Oil Storage and Export Terminal opens up wider horizons for moving forward towards executing other phases of this strategic project, which is considered the biggest of its kind in the Middle East region.”

He indicated that basic construction works of the first phase have been completed and that the commissioning of the terminal would encourage investors from across the world to invest in other phases of the project. As a result, the terminal would reach its maximum storage capacity of about 200mn barrels.

Kharusi pointed out that the project provides more security guarantees; particularly since it is located outside the Strait of Hormuz. As such, it is considered a successful alternative for countries in the region to store and export oil to regional and international markets. He explained that the first shipments will meet the crude oil demands of Duqm Refinery.

Salem Marhoon al Hashemi, general manager of Ras Markaz Terminal, said, “The commissioning of the terminal reflects our success in testing the efficiency of basic construction works at the first phase of the project. We have received the first crude oil shipment and we will send it to the Duqm Refinery, which will be completed in the first quarter of 2023.”

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