OTTCO and Royal Vopak have formed a strategic joint venture in Duqm, Oman, to enhance energy storage infrastructure and support sustainable growth in the region.

Information on the Target

The Oman Tank Terminal Company (OTTCO), a subsidiary of OQ Group, is a key player in the energy storage and transportation sector in Oman. Recently, OTTCO signed a shareholder agreement with Royal Vopak to establish a new joint venture within the Special Economic Zone at Duqm (SEZAD). This partnership underscores OQ's commitment to enhancing investments in Duqm, tapping into the area’s potential as a burgeoning industrial and logistics hub.

OTTCO currently operates the Ras Markaz crude oil storage terminal, boasting a total capacity of 26.7 million barrels. The company also manages the Duqm Port storage and export terminal and has successfully handled substantial volumes of crude oil since its operational inception in 2023. The combined expertise of OTTCO and Vopak will facilitate the development of advanced energy infrastructure, enabling support for traditional energy sources as well as the transition towards sustainable energy ecosystems.

Industry Overview in Oman

Oman's economy is increasingly focused on diversifying its energy sector while establishing itself as a competitive global economic center. The Special Economic Zone at Duqm has been designated as a significant area for industr