Page 21 - DMEA Week 13 2021

DMEA NEWS IN BRIEF DMEA

COMPANIES construct the bulk liquid terminal at the Port Saudi announces $1.3trn
of Duqm at a cost of RO 199.1 million ($510
Pacts inked to make Duqm million). investment push led by
The contract called for, among other
a downstream hub things, the construction of a 980-metre quay Aramco, SABIC
wall, deepening of the port basin to - 18
OQ, the Sultanate’s wholly government- metres and approach channel to - 19 metres, Saudi Arabia’s crown prince said oil firm
owned integrated energy group, has dredging and reclamation works, and the Aramco and petrochemical firm SABIC
announced that its wholly owned subsidiary, establishment of a new double berth jetty would lead investments of 5 trillion riyals
Oman Tank Terminal Company (OTTCO), island. ($1.3 trillion) by the local private sector by
has signed two key agreements with Port In conjunction with the project, around 79 2030 under a programme announced on
of Duqm, which anchors the giant Special hectares of terminal capacity was developed Tuesday for economic diversification.
Economic Zone (SEZ) at Duqm. adjacent to the 4.6 kilometre-long secondary The move aims to mobilise the Gulf Arab
“We are proud to announce that Oman breakwater. state’s private sector to help wean the economy
Tank Terminal Company, owned by OQ However, following heightened off its reliance on oil exports, which still
and Port of Duqm signed two agreements international investment interest in Duqm, a account for more than half the state’s income,
regarding Sub-Usufruct and Berth Operating further 55 hectares was reclaimed from the and develop new sectors to help create jobs for
Licence agreements. This partnership is sea to create new terminal capacity for current millions of Saudis.
another firm step to make Duqm a global hub and future companies looking to capitalise on This is part of 12 trillion riyals worth of
for petroleum and petrochemicals’’, OQ the SEZ’s strategic appeal. investments planned by 2030, Crown Prince
stated in a post on Monday. Following the completion of the marine Mohammed bin Salman said in televised
OTTCO is overseeing the development of infrastructure, the consortium consisting of remarks. That also includes 3 trillion riyals
a world-scale Crude Oil Storage Park at Ras CB&I and Saipem commenced construction from the Public Investment Fund (PIF) and 4
Markaz, just 80 km south of the SEZ. Crude work on a crude tank farm, product export trillion riyals under a new Saudi investment
storage capacity envisaged at the Raz Markaz terminal and other facilities as part of its strategy, of which some 2 trillion would be
is presently estimated at five million barrels. commitments under the EPC-3 package of the foreign investment.
The terminal is connected to the SEZ and contract for the implementation of the Duqm The total amount would rise to 27 trillion
to its grassroots heavy oil refinery via a crude Refinery project. riyals with government spending and
pipeline that will supply feedstock, when Storage capacity planned at the Bulk Liquid domestic consumption.
required to Duqm Refinery, currently in an Terminal will cater for a variety of refined “The new Shareek (Partner) programme
advanced stage of construction within the products emerging from the refinery. But a will help the private sector create hundreds
industrial zone. system of pipelines running from the refinery of thousands of new jobs and will boost the
OQ also tweeted a picture of the Bulk to the berth will also facilitate the direct contribution of the private sector to GDP
Liquid Berth which is nearing completion loading of ships, particularly in the case of by up to 65% by the end of the decade,” the
within the Port of Duqm. Conceived initially LPG and high sulphur fuel oil. prince said.
as an export facility for the refined petroleum On the other hand, dry bulk products such He later told journalists in a virtual briefing
products of Duqm Refinery, it has since been as petroleum coke and elemental sulphur will that Aramco and Saudi Basic Industries Corp
scaled up to serve assorted international be transported by truck to the terminal and (SABIC) would represent 60% of the 5 trillion
energy firms looking to operate out of Duqm. stored in warehouses pending their export to riyal investment.
Leading global dredging and maritime overseas markets. Prince Mohammed said the government
infrastructure services provider Royal ZAWYA has asked the biggest participating firms to
Boskalis Westminster NV was selected by the lower their dividends in order to raise capital
erstwhile SEZ Authority at Duqm in 2017 to spending.

Week 13 01•April•2021 www. NEWSBASE .com P21