Oman Tank Terminal Company launches floating storage facility in Oman

MUSCAT: A new floating storage facility, with a 2.1 million barrel capacity at Mina Al Fahal, for global customers of Oman Export Blend, was launched on Thursday by Oman Tank Terminal Company (OTTCO), a subsidiary of Oman Oil Company (OOC).

Three customers — China Oil, Glencore and Oman Trading International (OTI) — have won bids for access to the facility on board a Very Large Crude Carrier (VLCC), which will be provided and operated by Oman Shipping Company (OSC).

OTTCO’s floating storage facility, which was initiated and supported by Oman’s Ministry of Oil & Gas (MOG), has been developed in partnership with OSC, Petroleum Development Oman (PDO) and the Dubai Mercantile Exchange (DME).

While the vessel itself will be operated by OSC, scheduling and nomination for the loading of crude oil will be managed by PDO. Ship-to-ship (STS) transfers will be executed by Fendercare Marine, an international specialised STS firm.

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