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FINANCIAL NEWS
Oman to build oil storage near Duqm port at USD 300mn
01 May 2016
(MENAFN) Oman aims to build a main oil storage terminal on its southeastern coast, spending between USD 300 and 400mn of the first phase.
Moreover, it will be built by a subsidiary of state-owned Oman Oil Co. (OOC), at almost 70 kilometers, where the government is developing an industrial zone.
However, low oil prices have strained Oman’s state finances and made it harder to fund big infrastructure projects.
The storage facility will have a capacity of between 6mn and 10mn barrels of oil and serve oil refinery planned for Duqm.
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