Category

Countries

Oman to Finish Construction of Oil Storage Centre Near Strait of Hormuz

Oman to Finish Construction of Oil Storage Centre Near Strait of Hormuz

  • 16-Aug-2021 10:46 AM
  • Journalist: Jaideep Kumar

In a tweet by the Duqm Special Economic Zone, it was revealed that the country was close to finish the construction of the Markaz Oil Storage Centre that has the capacity of holding around 200 million barrels of Crude Oil. The facility is located near the strait of Hormuz. The facility is aimed at attracting international oil companies to park their cargoes in the country.

Raz Markaz Oil Park is expected to have an initial capacity of holding 25 million barrels in starting of Q1 2022. The Park will be receiving oil by sea through ships which will be pumping oil to the facility through pipelines which extend 7 km in the sea and 3.5 km on the land.

The Park also has prospects of being connected to the Oman’s Oil fields in the future which will enable the Park to supply refineries with the Crude Oil needs and to become an alternative site for the export of Crude Oil.

At present, the Crude Oil exports in Oman take place at the Mina al Fahal terminal in the Persian Gulf and the Raz Markaz facility can act as a second export facility that can help the country with surplus production.

The Storage Park can also act as a source of Oil from the Duqm refinery which is a joint venture between Oman’s OQ and Kuwait Petroleum International and is connected to the Park with an 80 km pipeline.

Related News

Bullish Sentiments Clouded The US Base Oil Market
  • 21-Jun-2022 5:23 PM
  • Journalist: Bob Duffler
The oil giant ‘Saudi Aramco’ planning to boost its production to ensure the future supplies
  • 23-Mar-2022 6:48 PM
  • Journalist: Nina Jiang
Base Oil prices will continue to rally as Crude Oil crossed USD 90/barrel
  • 31-Jan-2022 4:31 PM
  • Journalist: Jacob Kutchner
Asian Base Oil Prices Continue to Fall Amid Weak Demand and Logistical Constraints
  • 09-Sep-2021 5:00 PM
  • Journalist: Motoki Sasaki