Oman Tank Terminal Company (OTTCO), a subsidiary of the OQ Group, and Dutch engineering specialist Royal Vopak have entered into a shareholder agreement to establish a new company in the Special Economic Zone at Duqm.
Under the new partnership, OTTCO will hold a 51 per cent share and Vopak will hold the remaining 49 per cent, with the new company set to develop and operate energy storage and terminal infrastructure at the Port of Duqm on Oman's Arabian Sea coast.
OTTCO currently operates the Ras Markaz crude oil storage terminal, with a total capacity of 26.7 million barrels, including 5.2 million barrels dedicated to the Duqm Refinery. The company also manages the Duqm Port storage and export terminal.
Since commencing operations in 2023, OTTCO has handled more than 176 million barrels of crude oil through 98 vessels at Ras Markaz and over 21 million barrels through 560 vessels at the Duqm export terminal.