Oman Oil Company plans to build a major oil storage terminal, costing up to $400 million in its first phase.
According to the Minister of Oil and Gas Mohammad bin Hamad al-Rumhy, the facility will be built at Ras Markaz, 70 m from Duqm, the state agency in charge of the zone quoted Rumhy as saying.
According to Reuters, whilst not disclosing a timeline for construction, Rumhy says that the terminal will be financed through borrowing from banks.
The facility will have a capacity of between six to 10 million barrels of oil in its first phase and will serve a refinery planned for Duqm. Capacity can be expanded to 200 million barrels.
He is quoted by Reuters as saying that it is hoped Ras Markaz will become one of the largest storage hubs in the world.