Salim Marhoon Al Hashmi, Director-General of Raz Markaz Oil Storage Project announced that the project will start operations during Q2 2022, according to Oman news agency.

This project, 100% owned by the Oman Tank Terminal Company (OTTCO) affiliated with the Omani government, aims to manage and maintain a network of tanks for various types of energy derivatives in Oman, especially in Duqm.

Al Hashmi added that the project will provide a storage capacity of 26.7 million barrels of oil in the first phase and the company will increase the capacity in parallel with the increase of the investors’ demand.

He stated also that the terminal is able to receive very large crude carriers (VLCC) from around the world and it has been linked with four main stations to pump crude upwards.

Al Hashmi noted that OQ Group and Aramco company had signed a memorandum of understanding (MoU) for storing their products at Ras Markaz.