OTTCO and Port of Duqm Company inked two Agreements regarding the usufruct and berth operation licence of liquid terminal

Muscat, 31 March 2021

Muscat, 31 March 2021: OQ owned Oman Tank Terminal Company (OTTCO) and Port of Duqm Company (PODC) signed two agreements regarding a Sub-Usufruct Agreement and a Berth Operating License Agreement. The two agreements were signed recently at OQ’s head office in Muscat by Mr. Hilal Al Kharousi, Chief Commercial Officer - representing OTTCO, and Mr. Reggy Vermeulen, CEO, Port of Duqm Company.

These agreements represent the strong partnership between the two companies to jointly strengthen Duqm’s status as the upcoming regional hub for petroleum and petrochemical products.

OTTCO is planning to build additional storage infrastructure in Duqm port with a designed capacity up to 300,000 cbm, as part of Duqm Liquid Export Terminal, to provide storage for the import and export of petroleum and (green) petrochemical products, making this development a next step in strengthening Oman's independent terminal network.

Mr. Van Hoof CEO OTTCO highlighted that, “In our journey towards becoming Oman's independent terminal network company, we are pleased with the collaboration between our two companies in strengthening the port’s prospects as an investment destination, feeding into the Sultanate's economy and promoting the Port of Duqm competitiveness as a regional storage hub”.

Mr. Reggy Vermeulen, CEO PODC stated, “We are delighted to formalize this collaboration, with OQ and OTTCO. This is a major step in the Support toward the development of National capability and success of the Port of Duqm”.

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