The Oman Tank Terminal Company (OTTCO) has signed a sub-usufruct agreement and berth operating licence agreement for the Duqm Liquid Export Terminal with the Port of Duqm.
OTTCO is planning to build an additional 300,000 m3 of storage capacity at the terminal, which will provide storage for the import and export of petroleum and green petrochemical products.
The sub-usufruct agreement, which grants land use rights, and the berth operating licence agreement, were signed at the head office of oQ, which owns OTTCO, by OTTCO’s chief commercial officer Hilal Al Kharousi, and the CEO of the Port of Duqm Company, Reggy Vermeulen. In a statement, OTTCO says that the agreements represent the strong partnership between the two companies and will boost Duqm’s status as a regional hub for petroleum and petrochemical products.
‘In our journey towards becoming Oman’s independent terminal network company, we are pleased with the collaboration between our two companies in strengthening the port’s prospects as an investment destination, feeding into the Sultanate’s economy and promoting the Port of Duqm competitiveness as a regional storage hub,’ says Ard Van Hoof, CEO of OTTCO.