Ras Markaz Terminal Gains Strategic Importance Amid Hormuz Uncertainty

Oman's Ras Markaz terminal is gaining strategic importance due to ongoing uncertainty over the normalization of commercial traffic through the Strait of Hormuz. The terminal provides direct access to the Arabian Sea and international shipping routes without requiring vessels to transit the strait.

The planned capacity expansion at Ras Markaz has drawn attention, with a potential increase in storage capacity from 26.7 million barrels to around 200 million barrels over time. Oman's state-controlled integrated energy group OQ is moving forward with plans to expand the terminal's existing storage infrastructure.

OTTCO invited engineering, procurement and construction companies to participate in the prequalification process for eight new crude oil storage tanks, each with a capacity of around 650,000 barrels. The additional capacity would bring the planned total to 5.2 million barrels.