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Omani OQ finishes first phase of Ras Markaz oil storage terminal

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.

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