What's Happening?
Oman Tank Terminal Company (OTTCO) and Royal Vopak have signed a shareholder agreement to establish a joint venture in the Special Economic Zone at Duqm (SEZAD). This partnership, announced during the Duqm Economic Forum
2025, aims to develop and operate energy storage and terminal infrastructure in Duqm. OTTCO will hold a 51% share, while Vopak will have 49%. The new entity will focus on supporting traditional energy flows and adapting to the global energy transition. OTTCO currently operates significant crude oil storage facilities, including the Ras Markaz terminal, and has handled substantial volumes of crude oil since 2023.
Why It's Important?
The joint venture between OTTCO and Vopak is a strategic move to enhance energy infrastructure in Duqm, leveraging its strategic location along key international shipping routes. This development aligns with Oman's national efforts to attract foreign investment and strengthen global partnerships. By combining OTTCO's expertise in crude storage and Vopak's terminal operations, the partnership aims to drive sustainable industrial growth and support the evolving demands of the global energy transition. The initiative could position Duqm as a critical hub for energy storage and distribution in the region.
