Oman Tank Terminal Company (OTTCO), the sultanate’s independent tank storage firm and a part of OQ Group, is planning to build additional storage infrastructure at the Port of Duqm with a designed capacity of up to 300,000 cubic metres.
OTTCO’s storage infrastructure facility at the Duqm Port will be a part of Duqm Liquid Export Terminal and 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.
OTTCO and Port of Duqm Company have signed two deals regarding a subusufruct agreement and a berth operating licence agreement. The two agreements were signed recently at OQ head office in Muscat by Hilal al Kharusi, chief commercial officer of OTTCO and ReggyVermeulen, CEO of Port of Duqm Company, according to a press statement issued by OQ.
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.
Kharusi 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 Oman.”
Van Hoof, CEO of OTTCO said, “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’s competitiveness as a regional storage hub.”