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Oman building 25 million barrels of new oil storage

Published 2016-01-19, 03:42 a/m
© Reuters. Oman building 25 million barrels of new oil storage
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LONDON, Jan 19 (Reuters) - A storage project with 25 million
barrels of space will open in Oman in 2019, helping to keep the
country's oil flowing, Oman Tank Terminal Company (OTTCO) said
on Tuesday.
The complex, which will be built at Ras Markaz, is needed as
oil storage in Sohar is already full, Said Al-Maawali, project
director for OTTCO, told the Platts Oil Storage Conference in
Amsterdam.
"It will help them (manage) unforeseen circumstances,"
Al-Maawali said.
The tanks will help boost trading of Oman crude oil futures
on the Dubai Mercantile Exchange (DME) by making more oil
available that can be delivered against the futures contracts,
Al-Maawali said, and it would also help guard against price
volatility.
He said future phases of the project could expand its
capacity to as much as 200 million barrels of storage.
OTTCO last year launched a floating storage on an oil
supertanker with 2.1 million barrels of space, awarding
contracts to China Oil, Glencore (L:GLEN) and Oman Trading International
(OTI).
Al-Maawali said the floating storage was a first step
towards marketing the new project, and OTTCO was considering
adding another vessel while the on-land tanks were under
construction. ID:nL5N11509O

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