The first phase will have a storage capacity of 10 million barrels of crude oil.
Tenders have been submitted by bidders for the first phase, said Salim bin Nasser Al Aufi, undersecretary at the Ministry of Oil and Gas.
The facility will be expanded with investment from overseas investors.
Referring to Duqm refinery development plan, he said the refinery will receive 65 per cent of its crude requirements from Kuwait and 35 per cent from Oman. Duqm refinery is a 50:50 joint venture between Oman and Kuwait and an agreement between the two countries will be signed on April 10.
Falling under the Sultanate's Promising Plan for Economic Diversification and Maintaining a Crude Oil Storage Terminal for Oman
A tender for developing the first phase of a large crude storage facility at Ras Markaz near Duqm will be awarded soon