Oman Tank Terminal Company (Ottco) and Royal Vopak have signed a shareholder agreement to establish a joint venture that will develop energy storage and terminal infrastructure at Oman's Special Economic Zone at Duqm (SEZAD).

Under the partnership, Ottco — a subsidiary of OQ Group — will hold a 51% stake while Dutch storage company Vopak will own 49%. The agreement was signed during the Duqm Economic Forum 2025 by Ashraf Hamed Al Mamari, Group Chief Executive Officer of OQ, and Chris Robblee, President of Asia and Middle East at Vopak.

The new company will develop facilities to support both traditional energy flows and what the partners describe as the evolving demands of the global energy transition towards more integrated and sustainable ecosystems.

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.

"This partnership is a strategic move toward unlocking the full potential of Duqm as a catalyst for economic diversification, industrialisation, and sustainable growth," remarked Eng. Salim bin Marhoon Al Hashmi, Managing Director of Ottco. "Together with our partners, we are shaping a future-ready platform that positions Oman at the heart of global energy and industrial transformations."

Marcel van de Kar, Managing Director Oman at Vopak, commented: "Vopak is excited to collaborate with Ottco on this strategic partnership in Duqm, marking an important step in expanding our global network. Our companies' combined strengths in infrastructure development and operational excellence will be instrumental in creating a leading energy hub serving diverse industrial customers while supporting their sustainable growth."

The partners said the initiative aligns with Oman's national strategy to diversify its economy and position Duqm as a competitive global economic centre, and a long-term vision focused on enabling the flow of both hydrocarbons and emerging energy fuels, such as hydrogen and renewables-based products.

OQ's investments and partnerships in Duqm include the Duqm Refinery — a joint venture with Kuwait Petroleum International — as well as its joint venture with Thailand's Gulf Energy Development Company in Marafiq, owner of Duqm Power Company.

Rotterdam-headquartered Vopak operates storage terminals at ports worldwide for energy products, chemicals, and edible oils.