Ottco and Royal Vopak sign strategic agreement to establish a joint venture in the special economic zone at Duqm

Core Viewpoint - Oman Tank Terminal Company (OTTCO) and Royal Vopak have signed a strategic agreement to establish a joint venture in the Special Economic Zone at Duqm, reflecting a commitment to expand investments and attract foreign partnerships in a growing industrial hub [1][2]. Group 1: Joint Venture Details - The new company will be owned 51% by OTTCO and 49% by Vopak, focusing on developing and operating energy storage and terminal infrastructure at Duqm [2]. - The partnership aims to support both traditional energy flows and the evolving demands of the global energy transition towards sustainable ecosystems [2][3]. Group 2: Strategic Importance - The collaboration combines OTTCO's role in crude storage and transport with Vopak's expertise in terminal operations, positioning Duqm as a strategic location along key international shipping routes [3]. - The initiative aligns with Oman's national strategy to diversify its economy and enhance Duqm's role as a competitive global economic center [5]. Group 3: Current Operations and Capacity - OTTCO operates the Ras Markaz crude oil storage terminal with a capacity of 26.7 million barrels, including 5.2 million barrels for the Duqm Refinery, and has handled over 176 million barrels of crude oil since operations began in 2023 [4]. - The company also manages the Duqm Port storage and export terminal, having processed over 21 million barrels through 560 vessels [4]. Group 4: Investment Context - OQ Group has over USD 10 billion in total investments and partnerships in Duqm, including the Duqm Refinery joint venture with Kuwait Petroleum International [6].