Pact signed to develop new pipeline project to export Oman crude oil

Pact signed to develop new pipeline project to export Oman crude oil

Muscat: The Ministry of Energy and Minerals and Oman Tank Terminal Company (OTTCO), a subsidiary of OQ Group, signed today a framework agreement for cooperation to develop, build and operate a new pipeline that will be connected to transfer, store and export Oman’s crude oil from the Ras Markaz crude oil storage terminal in the Special Economic Zone at Duqm (Sezad).

The agreement was signed at the Ministry of Energy and Minerals by Salim bin Nasser Al Aufi, Minister of Energy and Minerals, Talal bin Hamed Al Awfi, OQ Group CEO and Hilal bin Ali Al-Kharusi, CEO Commercial and Downstream at OQ and Chairman of the OTTCO Board of Directors in the presence of Ard Van Hoof, CEO of OTTCO and other senior officials from the ministry.

The agreement enables expansion in the energy sector by meeting the expected growth in Sezad and the energy industry in the Sultanate of Oman. It will also support Oman’s crude oil as a benchmark and for the Ras Markaz Terminal to become a regional hub in alignment with OQ and OTTCO’s growth strategy.

The terminal will provide crude oil handling, storage, import and export services for refineries and petrochemicals downstream projects in Sezad and to serve