Trescorp signed a $600 million contract with Oman’s Sohar Port and Free Zone for the development of an oil terminal at the port, Times of Oman reports.
Construction is set to begin next year. The terminal will include six deepwater berths, according to Platts. One of the births will be large enough for very large crude carriers (VLCCs) of 320,000 deadweight tonnage (dwt).
The project, upon completion, will have up to 1.8 million cubic meters of storage capacity, Platts reports.
The first phase will include facilities for diesel, crude oil, and fuel oil. The second phase will add capacity for jet fuel, lube oil, asphalt, and gasoline, according to the Times of Oman.
Operations from the new facilities are planned to begin in 2020, Platts reports.
The Sohar Port is located in eastern Oman, outside the Straits of Hormuz.
Trescorp is a Singapore-based company that specializes in trading petroleum products and crude oil.