Oman Tank Terminal Company (OTTCO), a subsidiary of OQ Group, and Royal Vopak, signed a shareholder agreement to establish a new company in the Special Economic Zone at Duqm (SEZAD). The agreement, concluded during the Duqm Economic Forum 2025, reflects OQ’s continued commitment to expanding its investments in Duqm and supports national efforts to attract foreign investment and strengthen global partnerships.

The agreement was signed by Ashraf Hamed Al Mamari, Group Chief Executive Officer of OQ and Chris Robblee, President of Asia and Middle East, Vopak.

Under the new partnership, OTTCO will hold a 51% share and Vopak 49%, with the new company set to develop and operate world-class energy storage and terminal infrastructure at Duqm. These facilities will support both traditional energy flows and the evolving demands of the global energy transition towards more integrated and sustainable ecosystems.

By combining OTTCO’s strategic role as a cornerstone in crude storage and transport and Vopak’s global expertise in terminal operations, the partnership will establish a new entity that drives sustainable industrial growth and leverages Duqm’s strategic location along key international shipping routes. 

OTTCO currently operates the Ras Markaz crude oil storage terminal, with a total capacity of 26.7 million barrels, including 5.2 million barrels dedicated to the Duqm Refinery. The company also manages the Duqm Port storage and export terminal. Since commencing operations in 2023, OTTCO has handled more than 176 million barrels of crude oil through 98 vessels at Ras Markaz and over 21 million barrels through 560 vessels at the Duqm export terminal.