April 3, 2021 [ZAWYA]Two agreements signed regarding the usufruct and berth operation licence of liquid terminal

Oman Tank Terminal Company (OTTCO), a wholly owned subsidiary of OQ — the Sultanate’s integrated energy group — is planning to build additional storage infrastructure in the Port of Duqm with a designed capacity up to 300,000 cbm, as part of the Duqm Liquid Export Terminal.

An announcement to this effect was made during the signing of two agreements between OTTCO and Port of Duqm Company (PODC) regarding a Sub-Usufruct Agreement and a Berth Operating Licence Agreement.

The two agreements were signed recently at OQ’s head office in Muscat by Hilal al Kharusi, Chief Commercial Officer —representing OTTCO, and Reggy Vermeulen, CEO, Port of Duqm Company.

These agreements represent the strong partnership between the two companies to jointly strengthen Duqm’s status as the upcoming regional hub for petroleum and petrochemical products, said OQ in a statement.

The additional infrastructure will provide storage for the import and export of petroleum and (green) petrochemical products, making this development a next step in strengthening Oman’s independent terminal network.

On this occasion, Hilal al Kharusi, Chief Commercial Officer, said, “These strategic agreements are an example of integrating our efforts with our partners in Duqm Port and will boost the progress of the special Economic Zone of Duqm to become a global hub contributing the economic developments of the Sultanate of Oman.”

Van Hoof, CEO OTTCO, highlighted that, “In our journey towards becoming Oman’s independent terminal network company, we are pleased with the collaboration between our two companies in strengthening the port’s prospects as an investment destination, feeding into the Sultanate’s economy and promoting the Port of Duqm competitiveness as a regional storage hub.”

Reggy Vermeulen, CEO, PODC, stated, “We are delighted to formalise this collaboration, with OQ and OTTCO. This is a major step in the support towards the development of the national capability and success of the Port of Duqm.”

OTTCO is Oman’s independent tank storage company. It emerged in 2014 with the objective to develop Oman’s crude oil hub in Ras Markaz, located 70 km south of Duqm. The first phase of the development, with a designed capacity of 25 million barrels, is partly used to accommodate for the crude oil supply to OQ8 refinery in Duqm.

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