Oman Oil Company (OOC) has signed a Shareholders Agreement with Port of Duqm Company (PDC) to establish the Duqm Petroleum Terminal Company (DPTC) to further strengthen Duqm’s status as the upcoming regional hub for hydrocarbons, refining and petrochemicals. The agreement 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.
DPTC’s first order of business will be to develop and operate a liquid bulk jetty that will accommodate vessels of up to 225 metres. In addition, DPTC will build a one million cubic metres tank storage terminal to support the jetty’s operations at the Port of Duqm, which is expected to be operational by mid-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.
“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.
OOC has equity of 90% and PDC 10% of DPTC, which is expected to take part in the ongoing economic diversification plans of Oman through supporting operations of various projects in Duqm. In addition, DPTC’s contribution to In Country Value will be projected into creation of direct and indirect jobs, as well as sustainable development of the local market.
Wednesday, May 14- 2014 @ 14:53 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.