Oman Tank Terminal Company (Ottco) has recently launched a new 2.1 million barrel capacity floating storage facility at Mina Al Fahal, announced Trade Arabia.

The facility is contained on board a very large crude carrier (VLCC), to be provided and operated by Oman Shipping Company (OSC), selling Oman Blend to international customers.

China Oil, Glencore and Oman Trading International (OTI) all won bids for access to the facility.

Ship-to-ship (STS) transfers will be carried out by Fendercare Marine.

According to Zawya, the floating facility was developed between Oman and the Dubai Mercantile Exchange (DME), which means that DME is the first exchange in the world to incorporate floating storage at delivery point for customers.

Salim al Aufi, Under-Secretary of Oman Ministry of Oil and Gas, was quoted as saying that: “Linking floating storage to energy future contracts is what makes this project unique; with the commencement of this project we aim to support the positive growth trend demonstrated by DME by introducing a new tool as well as creating value for Oman crude oil customers.”