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Ras Markaz oil storage to be commissioned by end-of-year

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Meenal Datar

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Oman’s Ras Markaz oil storage facility, located in the Special Economic Zone at Duqm, is due to be commissioned by the end of this year, according to the CEO of Oman Tank Terminal Company (OTTCO).

The Ras Markaz facility will initially be able to hold 5.2 million barrels of crude oil for the Duqm Refinery project. The Duqm Refinery project is a joint venture between Oman’s OQ Group and Kuwait Petroleum International.

The Ras Markaz oil storage terminal is due to receive the first cargo for the Duqm Refinery in November amid conversations with customers to store their crude.

With sufficient land, Ras Markaz will also provide blending services to develop itself into a regional crude oil hub.

OTTCO plans to have some 26 million barrels of oil storage capacity at Ras Markaz in its first phases but hopes to increase storage to 200 million barrels.

This development follows from the announcement that Oman Tank Terminal Company to develop pipeline to export Oman crude oil – Tank Storage Magazine

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