Sohar & Duqm, Oman
Storage outside the Strait of Hormuz. We arrange crude tankage at Ras Markaz near Duqm and product and chemical storage at Sohar.
Oman's coast lies outside the Strait of Hormuz, which makes it valuable when Gulf shipping is disrupted. At Ras Markaz, about 1,000 kilometres from the strait, OQ's storage subsidiary OTTCO has built a large crude storage park that feeds the OQ8 refinery at Duqm and offers capacity to traders.
In the north, Sohar is an industrial port with a large independent product and chemical terminal. We source tankage at both sites, fix freight and appoint inspectors.
Ras Markaz
Phase 1 has eight tanks connected by two subsea lines to an offshore loading point and by an 80-kilometre pipeline to the OQ8 refinery, a joint venture of OQ and Kuwait Petroleum International. It received its first crude cargo in January 2023. Land rights were granted by SEZAD, the Duqm economic zone authority.
Sohar and Oman pricing
Oiltanking Odfjell Terminals Oman at Sohar has about 1.3 million cubic metres and six jetties. Oman crude is priced through the Gulf Mercantile Exchange Oman futures contract, the largest physically delivered crude contract in the world.
- Crude tankage at Ras Markaz
- Product and chemical storage at Sohar
- VLCC and product freight
- Independent inspection at each transfer
Frequently asked questions
Why store crude outside Hormuz?
So it stays accessible if shipping through the strait is disrupted.
Can traders lease tanks at Ras Markaz?
OTTCO has offered capacity through ownership, joint venture or lease arrangements.
What sets the Oman crude price?
The Gulf Mercantile Exchange Oman futures contract.
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Send grade, volume and storage period. We will propose tankage at Ras Markaz or Sohar.