Page 12 - DMEA Week 01 2021
P. 12

DMEA                                   TERMINALS & SHIPPING                                            DMEA


       Ras Markaz set for Q2 start-up





        MIDDLE EAST      OMAN expects to bring the first phase of its Ras  trading arm agreed with OQ to explore the
                         Markaz Crude Oil Park mega storage project  potential for providing feedstock for the unit
                         into operation during Q2 this year as the Sultan-  and the petchem complex and store oil at a new
                         ate seeks to become a global hub for crude trade.  facility nearby.
                           While the first phase will feature an already   The non-binding deal will see Aramco Trad-
                         impressive 26.7mn barrel storage capacity on  ing Co. (ATC) and the Omani firm “collaborate
                         an area of 10 square km, several stages of work  directly or through their affiliates on exploring
                         could see that figure expand to 200mn barrels  business prospects in the Omani port of Duqm
                         on a 40-square km site, depending investor  and nearby crude oil storage terminal of Ras
                         demand, according to an official who was quoted  Markaz,” according to OQ.
                         last week by Oman News Agency.         “The parties will undertake a joint review
                           Salim al-Hashmi, project general manager at  of ATC supplying feedstock to Duqm Refinery
                         developer Oman Tank Terminal Co. (OTTC),  & Petrochemicals Industries Company LLC
                         a subsidiary of state-owned OQ, told ONA that  (OQ8), as well as possible offtake of oil products
                         the crude storage infrastructure has already been  by ATC from OQ8,” the 50:50 joint venture (JV)
                         completed.                           between OQ and Kuwait Petroleum Interna-
                           The project will be linked to the nearby  tional that is developing the Duqm refinery.
                         230,000 barrel per day (bpd) OQ8 refinery at   OQ8’s head of project management at Duqm
                         Duqm under development by a joint venture of  Yousuf Al-Jahdhami recently told Oman News
                         OQ and Kuwait Petroleum International (KPI),  Agency that after around three years of works,
                         which will receive around 65% of its feedstock  the $8bn facility has reached 87% completion.
                         from Kuwait.                         The refinery is expected to come into operation
                           Meanwhile, in December Saudi Aramco’s  in early 2023.™
























































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