Oman Tank Terminal Company (OTTCO) has almost completed the first eight crude oil tanks at the Raz Markaz Crude Oil Park near Duqm in Oman, according to reports.
The first tanks, which have a capacity of 5.7 million and are expected to be ready for use in Q1 2021, will be for use by the new refinery in Duqm, Bloomberg says. Sources told the newswire that OTTCO will now begin work on others that could be used by oil companies and traders.
Raz Markaz is likely to be attractive to traders wanting to avoid the crowded and sometimes dangerous Strait of Hormuz between Iran and Saudi Arabia, where several tankers have been attacked or seized in recent years, analysts say.
The total capacity at Raz Markaz will eventually be at least 25 million bbl and could be as much as 200 million bbl. Oman hopes to build the biggest oil storage facility in the Middle East, under plans first announced by the Sultanate seven years ago.