Occidental Petroleum and Oman Tank Terminal Company have signed a deal to store crude at the planned Raz Markaz oil terminal.
According to S&P Global Platts, an informed source said the memorandum of understanding covers up to two million barrels of Oxy’s crude and possibly even US crude.
OTTCO is finalising the engineering and procurement contract for the first phase of the facility, which will comprise 25 million barrels of crude oil storage. The first phase is due to be complete by the end of 2019.
Once complete, the development could have up to 200 million barrels of crude storage aboveground and a similar amount below ground.