Oman to build $400m oil storage terminal in Duqm
The terminal, 70km away from Duqm, will reportedly be constructed by a subsidiary of state-owned Oman Oil Company
Oman has revealed plans to construct an oil storage terminal in Ras Markaz, 70km from Duqm.
The Sultanate's minister of oil and gas, Mohammad bin Hamad al-Rumhy, expects the project to cost between $300m and $400m (OMR115.5m to OMR154m).
Duqm is already the site of port and industrial zone construction projects being implemented by the Sultanate.
State-owned Oman Oil Company's (OOC) subsidiary will construct the terminal.
Rumhy has not specified the project's construction schedule.
The first phase of the facility will have a capacity of between six million and 10 million barrels of oil, and is expected to serve an oil refinery planned for Duqm.
Capacity can be expanded to 200 million barrels.
Remarking on the project, Rumhy said: "OOC will continue to develop the project and increase the number of tanks according to the level of demand in the oil storage market.
"Our ambition for Ras Markaz is to be one of the largest oil storage hubs worldwide," he added, according to Reuters.