Oman’s OQ completes construction of Phase 1 of Raz Markaz project

Oman’s OQ completes construction of Phase 1 of Raz Markaz project

OQ Group has completed the construction works of the first phase of the Ras Markaz crude oil storage terminal, with a storage capacity of about 26.7 million barrels.

The project, implemented by the Oman Tank Terminal Company (OTTCO), is the largest of its kind and was built in accordance with international standards, with 100 per cent Omani financing.

The Ras Markaz project, which is located in the Al Wusta Governorate, is one of the strategic projects in the Sultanate of Oman. Salem bin Marhoon al Hashemi, general manager of the project, said, “Ras Markaz aims to store and blend all types of crude oil in large quantities, with its infrastructure capable of meeting the needs of local and international markets.”

The company aims to make the Ras Markaz project the largest crude oil storage project in the Middle East to serve as an important global centre for trading crude oil, given the strategic location overlooking the Arabian Sea and the Indian Ocean and to make the Sultanate of Oman a major centre for oil storage in the region.

Al Hashemi confirmed that the Sultanate of Oman currently relies on Mina al Fahal to export crude oil.

He pointed that first phase of the project is