Phase 1 of Ras Markaz oil storage project to start by Q2

Published On: December 30, 2021Categories: Alternative Investments1.6 min read

The Ras Markaz agreement provides for a storage capacity of 26.7 million barrels of oil in the first phase, the director-general of the project Salim Marhoon Al Hashmi was quoted as saying

The infrastructure of the first phase of the oil storage project at Ras Markaz in Duqm, Oman is ready to operate by the second quarter (Q2) of 2022, said the director-general of the project.

The Ras Markaz agreement provides for a storage capacity of 26.7 million barrels of oil in the first phase, Salim Marhoon Al Hashmi was quoted as saying in an Oman News Agency (ONA) report.

The company will increase its capacity in tandem with the growth of demand from investors, said Al Hashmi.

The project consists of two streams: The first caters to maritime business. It is completed and it comprises an import-export floating station situated 7 kilometres from the beach, in addition to two 42-inch pipelines, Al Hashmi explained.

He added that the second stream (80% over) features a variety of civil tasks, mountain demolishing, oil pumping systems, water treatment, installing tanks, building a power grid and adding associated systems.

He added that Ras Markaz station has been connected via an 80-km pipeline and that the facility constitutes a source of supplies for Duqm Refinery, where 8 mega tanks are dedicated for the purpose.

The project has a construction area of 10 square kilometres, while the total area stands at 40 square kilometres, which means the facility has a storage capacity of 200 million barrels of oil.

The floating terminal can receive very large crude carriers (VLCC) from around the world and it has been connected with four main stations to pump crude upwards, said Al Hashmi.

Al Hashmi pointed out that the Special Economic Zone at Duqm (Sezad) granted OTTCO a 40-year usufruct rights to set up an oil storage facility at Ras Markaz with effect from the date of signing the said contract in July 2017.

Al Hashmi said that OTTCO envisages making Ras Markaz the largest oil storage facility of its kind the Middle East and a global hub in the Arabia Sea and Indian Ocean zones.

About the Author: Jonathan Adams

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