Oman Moves Towards Significant Expansion of Oil Storage at Duqm Port

Oman intends to more than double its crude oil storage capacity at Duqm Port, located outside the Strait of Hormuz. This strategic move leverages the port's advantageous position as regional energy producers seek alternative routes to the volatile waterway. In this context, Ashraf Al Maamari, CEO of Oman's OQ company, revealed in an interview with Bloomberg that the company is exploring the acquisition or lease of two very large crude carriers (VLCCs) for floating storage at Duqm Port. OQ also plans to increase the onshore crude oil tank capacity at Duqm to 10 million barrels within three years, up from its current 5 million barrels.