State owned Oman Oil Company (OOC) has signed a Shareholders’ Agreement with Port of Duqm Company (PDC) to create the Duqm Petroleum Terminal Company (DPTC).
The agreement, which is aimed at strengthening Duqm’s place as an emerging regional hub for hydrocarbons, refining and petrochemicals was signed by; Mulham al Jarf, deputy CEO of OOC, Rien Van de Ven, CEO of PDC, and Ahmed al Amry, project director of DPTC.
The newly established DPTC’s will kick off its operations by building and operating a liquid bulk jetty that will hold vessels of up to 225 metres. The company will also build a one million cubic metres tank storage terminal to support the jetty’s operations at the Port of Duqm. It is expected to begin operational by 2018.
“This latest addition to the OOC portfolio is in line with our strategy to develop industrial hubs across the Sultanate. We are continuing our collaboration with the Special Economic Zone Authority Duqm to support the infrastructure developments and the petrochemical industries in the area. Once operational, DPTC will offer a solid proposition to our operations in Duqm in relation to hydrocarbon storage, facilitating the import of crude and exporting of refined products and will be instrumental to the success of the upcoming Duqm Refinery planned for 2018 and the planned Oxo production plant,” said Mulham al Jarf, deputy CEO of OOC.
With OOC’s 90% equity and PDC 10%, DPTC is expected to contribute significantly to creation of direct and indirect jobs, as well as sustainable development of the local market.
“DPTC will act as a project management service provider which will contribute to the ongoing developments in Duqm as a hub strategically located on the international shipping lines. At PDC, we are looking to strengthen the city’s prospects as an investment destination feeding into the Sultanate’s economy and promoting the Port of Duqm competitiveness regionally and globally,” said Rien Van de Ven, CEO of PDC.
DPTC is expected to take part in the ongoing economic diversification plans of Oman through supporting operations of various projects in Duqm.
