(EnergyAsia, March 25 2014, Tuesday) — State-owned Oman Oil Company (OOC) is planning to invest a total of US$15 billion over the next few years to increase the attraction of Duqm port as an oil centre serving the Middle East.
At a recent media briefing by the country’s oil and gas ministry, the company’s deputy chief executive Mulham Al Jarf said it is building the world’s largest crude oil storage terminal with the capacity to hold nearly 200 million barrels, and a major natural gas pipeline.
The Ras Markaz storage terminal is located about 70 km from Duqm while the 250km pipeline will deliver natural gas from a central Oman field to industries operating in Duqm’s tax-free zone.
The Omani government is backing OOC to take a more active role in developing the economy while creating high-value jobs for its citizens. Half of OOC’s employees are locals.
With its involvement in hydrocarbons exploration and production, infrastructure, power, shipping, mining, refining and petrochemicals, the company has announced plans to raise its share in Oman’s economy to 10% from 4% currently.