Muscat – Oman Tank Terminal Company (OTTCO), a subsidiary of OQ Group, and Royal Vopak, the Netherlands-based global independent infrastructure provider, have signed a shareholder agreement to establish a new joint venture (JV) company in the Special Economic Zone at Duqm (SEZAD).

The agreement was signed during the Duqm Economic Forum 2025 by Ashraf Hamed al Mamari, Group Chief Executive Officer of OQ, and Chris Robblee, President of Asia and the Middle East, Vopak, according to a press statement issued by Vopak.

Under the new partnership, OTTCO will hold a 51% stake, with Vopak taking 49%. The JV will develop and operate world-class energy storage and terminal infrastructure at Duqm, supporting both traditional energy flows and the evolving demands of the global energy transition towards more integrated and sustainable ecosystems.

By combining OTTCO’s strategic role in crude storage and transport with Vopak’s global expertise in terminal operations, the partnership aims to create a new entity that drives sustainable industrial growth and leverages Duqm’s strategic location along key international shipping routes.

Salim bin Marhoon al Hashmi, Managing Director of OTTCO, said, “This partnership is a strategic move towards unlocking the full potential of Duqm as a catalyst for economic diversification, industrialisation and sustainable growth. Together with our partners, we are shaping a future-ready platform that positions Oman at the heart of global energy and industrial transformations.”

Marcel van de Kar, Managing Director Oman at Vopak, added, “Vopak is excited to collaborate with OTTCO on this strategic partnership in Duqm, marking an important step in expanding our global network. Our companies’ combined strengths in infrastructure development and operational excellence will be instrumental in creating a leading energy hub serving diverse industrial customers while supporting their sustainable growth.”

OTTCO currently operates the Ras Markaz crude oil storage terminal, with a total capacity of 26.7mn barrels, including 5.2mn barrels dedicated to the Duqm Refinery. The company also manages the Duqm Port storage and export terminal.