By Kabeer Yousuf ? MUSCAT ? Oman Oil Company (OOC) in partnership with Takamul Investment Company (Takamul), has established a new company named Oman Tank Terminal Company (OTTCO) to build, own and operate a 200 million barrel oil terminal in Ras Markaz in the Governorate of Al Wusta. OTTCO will be owned 90 per cent by OOC and 10 per cent by Takamul. A Memorandum of Understanding to this effect was signed at the Ministry of Oil and Gas here yesterday.
The new terminal is set to be the largest crude storage terminal in the Middle East region. The strategic location of the terminal serves as a solid ground for Ras Markaz to emerge as an important global hub for oil storage. The MOU includes strategic plans to develop storage capacity for Oman crude. The crude oil will be stored at Ras Markaz Terminal prior to exporting to the international market.
Dr Mohammed bin Hamad al Rumhy, Minister of Oil and Gas said, ?The construction of a crude oil pipeline between Nahada and Ras Markaz, for the export of Oman Crude Oil Blend, is of strategic importance. The terminal will further boost the export of Oman Blend and increase the reliability of crude supply to the market. The continuous flow and availability of Oman Blend in combination with a large crude oil storage capacity will attract other parties interested in strategic and commercial storage, distribution and blending of crude oil.?
The big size and geographic location provides an excellent opportunity for the terminal to emerge as a major hub in the Middle East for storage and export, like Singapore in Asia and Rotterdam in Europe. The terminal will be built in phases, and Phase-1 is expected to be operational by 2017. Meanwhile, Oil and Gas Ministry Under-Secretary Nasser bin Khamis al Jashmi, who is also Chairman of OOC, said, ?The development of this world-scale crude oil terminal will be of strategic importance, not only for Oman, but for the whole Middle East and the Asian region.?
Presently, it is estimated that around 42 per cent of the global trade in oil passes through the Strait of Hormuz and it is projected to increase to 50 per cent in the next 20 years. This terminal in Ras Markaz will serve as the second delivery point for Oman crude after Mina Al Fahal. The increase in storage volumes and the additional delivery point will have a positive impact on the trading of Oman Blend.
The terminal will serve strategic and commercial storage requirements for various customers including the Refinery at Duqm and will also provide blending facilities for crude. The terminal will provide and operate different tank sizes, with a storage capacity of 755 kbbl, 1mbbl and 1,75 mbbl each. ? ONA
Source: http://main.omanobserver.om/node/138815
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