Oman has started the tendering process for the expansion of its Ras Markaz Oil Storage Terminal at Duqm. On 28 July, state company Oman Tank Terminal Company (OTTCO) invited companies to pre-qualify for an EPC tender to build eight new crude oil storage tanks that can hold 5.2mn barrels, doubling the site’s current capacity.
The strategic project comes as Gulf producers are reassessing their energy infrastructure following Iran’s effective closure of the Strait of Hormuz during the current conflict and are looking for ways to bolster their storage capabilities outside of the strait in particular. Across the region, governments are placing greater emphasis on resilience through investments in potential new Hormuz-bypass pipelines, expanded state-owned shipping fleets as well as such storage facilities. (CONTINUED - 815 WORDS)
