Skip to content Skip to Search
Skip navigation

Omani OQ finishes first phase of Ras Markaz oil storage terminal

By Pramod Kumar
Oman News Agency

State-owned integrated oil company OQ Group has finished constructing the first phase of the Ras Markaz crude oil storage terminal, which has a capacity of 26.7 million barrels, Oman News Observer reported.

Oman Tank Terminal Company (OTTCO) has implemented the strategic project with 100 percent local financing.

The company aims to make the Ras Markaz project the largest crude oil storage project in the Middle East to serve as a global centre for trading crude oil, given the strategic location.

The project’s general manager Salem bin Marhoon Al Hashemi stated that the project’s first phase is a 10 square kilometre area, which can accommodate about 26.7 million barrels.

The total area allocated for the entire project is 40 sq km, prepared to store up to about 200 million barrels of oil. The company plans to increase its capacity according to the growing demand, the newspaper said.

Latest articles

G42 Nvidia

G42 links with Nvidia to launch climate tech lab

The UAE-based artificial intelligence company G42 has formed a partnership with Nvidia, the US computer chip giant, to set up a climate tech laboratory in Abu Dhabi, aimed at better predicting the weather using AI. In what is Nvidia’s first partnership with the UAE company, the lab will “serve as a hub for research and […]

Alshaya Group, one of the Gulf’s largest franchise owners, is expected to resume discussions about Starbucks next year if the situation improves

Kuwait’s Alshaya delays Starbucks franchise stake sale

Kuwait’s Alshaya Group is “not in a hurry” to sell a stake in its Starbucks regional franchise due to the ongoing geopolitical unrest and boycotts, which is affecting its valuation, according to a news report. Discussions are expected to resume next year “if the situation improves”, Reuters reported, citing informed sources. The company, one of […]

Saudi Arabia’s new investment of $5bn will be separate from its deposits with the central bank, Egypt's prime minister Mostafa Madbouly said

Egypt explores new mega deals like Ras El-Hekma

Egypt is planning new developments along the Red Sea coast, with at least five new areas identified for deals similar to Ras El-Hekma, prime minister Mostafa Madbouly has said. The UAE sovereign fund ADQ unveiled plans in February to invest $35 billion to build the “largest new city” in Egypt to promote tourism and drive […]

QIA is exploring investment opportunities, including carve-outs among conglomerates and take-private deals in Japan

QIA looks at investments in Australia and Asia

Qatar Investment Authority (QIA) is looking at expanding into Australia, South Korea and Southeast Asia as part of its growth strategy, a senior fund official has said. The sovereign fund is starting to hire locally in Australia and South Korea, Abdulla Ali Al-Kuwari, head of Asia Pacific at QIA Advisory, told a panel at the […]