Latest News

Latest News

OTTCO signs agreement for Oman crude storage terminal

Nov 23, 2017

MEED  The Special Economic Zone Authority at Duqm and the Oman Tank Terminal Company have signed an agreement over the construction of the Ras Markas crude oil storage terminal. The usufruct agreement allocates 1,253 hectares of land in Duqm for the Ras Markaz terminal for a period of 40 years. It grants the company exclusive rights for the storage of crude oil and its derivative in the area for a period of 20 years and for five years in the Special Economic ... Read More

Oman requires $5bn investment for world's largest crude park

Jul 07, 2017

MEED Ras Markaz is being developed as a crude and derivatives hub  Oman will require a toal investment of $5.2bn to develop the world’s largest crude storage facility at Ras Markaz, the client for the scheme said in a statement. Development of the first phase, for which Oman Tank Terminal Company (OTTCO) is currently evaluating bids, is expected to reach $1.8bn, which covers the costs for constructing crude oil tanks, marine and infrastructure faciliti... Read More

Oman sets November target for Duqm Refinery financial close

Jul 07, 2017

MEED The 230,000 barrel-a-day refinery is the sultanate’s largest upcoming project Duqm Refinery, Oman’s largest single-phase project, is expected to reach financial close in November, according to Isam al-Zadjali, the chief executive of Oman Oil Company (OOC), which is one of the co-owners of the project. Al-Zadjali said that the 230,000 barrel-a-day refinery will award main contracts on all three packages in the next two weeks. “In two weeks,... Read More

Oman signs land agreement for Ras Markaz crude park

Jul 07, 2017

MEED The world’s largest crude storage terminal has received bids  Oman Tank Terminal Company (OTTCO), the developer of the world’s largest crude storage terminal, has signed an agreement with the Special Economic Zone Authority at Duqm (SEZAD) for land rights to build the crude park at Ras Markaz. OTTCO’s parent company Oman Oil Company has revealed the memorandum of understanding (MoU) gave it the right to use the land to build the first ... Read More

ExxonMobil emerges as white knight for Jurong Aromatics

May 12, 2017

The Business Times EXXONMOBIL has agreed to acquire the Jurong Island assets of Jurong Aromatics Corporation (JAC), effectively giving the beleaguered firm a new lease of life. Confirming market speculation that has swirled for some months, the American integrated oil giant said on Thursday that it has reached an agreement on the deal, beating five other bidders such as Lotte Chemical Corp and SK from Korea, which had been shortlisted. The acquisition sum was not... Read More