Muscat: The Ministry of Energy and Minerals and Oman Tank Terminal Company (OTTCO), a subsidiary of OQ Group, signed on Sunday a framework agreement for joint cooperation to develop, build and operate a new pipeline that will be connected to transfer, store and export Oman’s crude oil from the Ras Markaz crude oil storage terminal in the Special Economic Zone at Duqm (SEZAD).
The agreement was signed by Salim Nasser al Aufi, Minister of Energy and Minerals, Talal Hamed al Awfi, OQ Group CEO and Hilal Ali al Kharousi, CEO of Commercial and Downstream Sector at OQ and Chairman of the OTTCO Board of Directors.
The agreement enables expansion in the energy sector by meeting the expected growth in SEZAD and the energy industry in the Sultanate of Oman. It will also support Oman’s crude oil as a benchmark and for the Ras Markaz Terminal to become a regional hub in alignment with OQ and OTTCO’s growth strategy.
The terminal will provide crude oil handling, storage, import and export services for refineries and petrochemicals downstream projects in SEZAD and will serve market needs of customers and other stakeholders.
OTTCO will conduct detailed studies and move forward with execution and implementation of this project. It will provide facilities that might be required for customers, producers and traders of Oman’s crude oil. In addition, OTTCO will also provide all services related to the operations and maintenance of the facilities and assets.
