The Ministry of Energy and Minerals (MoEM) and Oman Tank Terminal Company (OTTCO), a subsidiary of OQ Group, signed on Sunday, August 28, 2022, a framework agreement for their joint cooperation to develop, build and operate a new pipeline that will be connected with its infrastructure to transfer, store and export Oman Export Blend Crude Oil from the Ras Markaz crude oil storage terminal owned and operated by OTTCO in the Special Economic Zone at Duqm (SEZAD).
The agreement was signed at the Ministry of Energy and Minerals by Eng Salim bin Nasser al Aufi, Minister of Energy and Minerals; Talal bin Hamed al Aufi, OQ Group CEO; and Hilal bin Ali al Kharousi, CEO Commercial and Downstream at OQ and Chairman of the OTTCO Board of Directors, in the presence of Ard Van Hoof, CEO of OTTCO and other senior officials from the Ministry.
The agreement enables the Ministry and OQ Group to expand the energy sector by meeting the expected growth in SEZAD and the energy industry in the Sultanate of Oman, further supports Oman Blend 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 serve the market needs of customers and other stakeholders.
OTTCO, as the project developer will now commence with conducting of detailed studies and to move forward with the execution and implementation of this important project, including facilities that may be required for customers, producers and traders of Oman Export Blend Crude Oil. In addition, OTTCO, as experienced operator, also provides all services related to the operations and maintenance of the facilities and assets.
Oman Tank Terminal Company (OTTCO) is an existing company in the OQ group of companies, established and an independent service provider for developing and operating commercially liquid bulk terminals in the Sultanate of Oman with its landmark project being the Crude Oil Terminal at Ras Markaz which has been selected for its strategic location and suitability in receiving giant oil tankers, as well as its proximity to the world maritime routes. The company is currently completing the first phase of the terminal and is expected to commission its trial operation later in the year.
