Oman steps up plan to build Middle East’s biggest oil-tank farm

Oman steps up plan to build Middle East’s biggest oil-tank farm

Oman Tank Terminal Co. (OTTCO) has almost finished constructing eight tanks to store crude for a new refinery near the town of Duqm on the Arabian Sea. Leasing the tanks would provide extra revenue for Oman, whose finances have been battered this year by the virus and fall in oil prices.. The Duqm refinery is scheduled to start next year and the eight tanks will be able to hold 5.7 million barrels.. OTTCO's plans for the expanded tank farm still hinge on finding co-financiers as well as companies to book the storage..