Joint Venture Agreement
Oman Tank Terminal Company (OTTCO) and Royal Vopak have signed a shareholder agreement to establish a new company in the Special Economic Zone at Duqm (SEZAD). The agreement was finalized during the Duqm Economic Forum 2025.
Ownership and Objectives
Under the partnership, OTTCO will hold a 51% share and Vopak 49%. The new company aims to develop and operate energy storage and terminal infrastructure at Duqm, supporting both traditional energy flows and the global energy transition.
Strategic Importance
The collaboration combines OTTCO's role in crude storage and transport with Vopak's expertise in terminal operations. This partnership is expected to drive sustainable industrial growth and leverage Duqm's strategic location along key international shipping routes.
Current Operations
OTTCO operates the Ras Markaz crude oil storage terminal, with a capacity of 26.7 million barrels, and manages the Duqm Port storage and export terminal. Since 2023, OTTCO has handled over 176 million barrels of crude oil at Ras Markaz and more than 21 million barrels at the Duqm export terminal.
Economic Impact
The initiative aligns with Oman's strategy to diversify its economy and position Duqm as a global economic center. With over USD 10 billion in investments and partnerships, including the Duqm Refinery and Marafiq's collaboration with Thailand's Gulf Energy Development Company, OQ continues to play a central role in driving industrial growth in the region.
