Muscat: International Integrated Energy Group (OQ) announced the successful reception of the first shipment of crude oil at Ras Markaz Crude Oil Storage and Export Terminal.
Located in Al Wusta Governorate, the project is being carried out by OQ subsidiary Oman Tank Terminal Company (OTTCO).
The project spearheads the group's strategic set of projects that benefit from Oman’s strategic location, notably in the Al Duqm region. The project provides alternatives to storing oil outside the Strait of Hormuz and then exporting it to regional and global markets.
This provides oil exporters with an opportunity to find alternative clients, besides meeting the demands of other projects that are being implemented in the Special Economic Zone at Duqm (Sezad).
Hilal Ali Al Kharusi, CEO of Commercial and Downstream Sector at OQ, Chairman of OTTCO Board of Directors, said, “The successful delivery of the first shipment of crude oil at Ras Markaz Crude Oil Storage and Export Terminal opens up wider horizons to proceed with other phases of this strategic project, which is considered the biggest of its kind in the Middle East region."
Al Kharusi added that Ras Markaz Crude Oil Storage and Export Terminal, which was established according to the highest international standards with investments from the Omani government, emerges as Oman’s largest investment project. “OQ Group has made great efforts to carry out this project as part of its strategy aimed at strengthening the investment sectors," he observed.
Al Kharusi pointed out that the basic construction works of the first phase were completed and that the commissioning of the terminal would encourage investors from across the world to invest in other phases of the project.
Meanwhile, Salem Marhoon Al Hashemi, General Manager of Ras Markaz Terminal, expressed his delight at the successful commissioning of commercial operations at the project and the reception of the first shipment of crude oil.
"The capacity of Ras Markaz Crude Oil Storage and Export Terminal is subject to technical considerations and the preferences of investors. The basic construction works of the first phase included all the work requirements of crude oil storage terminals in the world according to the approved international standards. The terminal will be ready to receive 26.7 million barrels of crude oil. More storage tanks could also be added to meet any further investment demands," he added.
Ras Markaz project is situated in Al Wusta Governorate. It aims to store and blend all kinds of crude oil in big quantities, thanks to its advanced infrastructure that is capable of meeting the future demands of local and international markets.