Mina al Fahal (Port)

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Floating storage facility opens at Mina al Fahal

Oman Tank Terminal Company (OTTCO), a subsidiary of Oman Oil Company (OOC), has announced the launch of a new floating storage facility, with a 2.1 million barrel capacity at Mina al Fahal, for global customers of Oman Export Blend. The launch took place on Thursday. Three customers — China Oil, Glencore and Oman Trading International (OTI) — have won bids for access to the facility on board a Very Large Crude Carrier (VLCC), which will be provided and operated by Oman Shipping Company (OSC). OTTCO’s floating storage facility, which was initiated and supported by Oman’s Ministry of Oil and Gas (MOG), has been developed in partnership with OSC, Petroleum Development Oman (PDO) and the Dubai Mercantile Exchange (DME). While the vessel itself will be operated by OSC, scheduling and nomination for the loading of crude oil will be managed by PDO. Ship-to-ship (STS) transfers will be executed by Fendercare Marine, an international specialised STS firm. The initiative makes OTTCO the first storage company in the world to provide floating storage linked to an energy futures contract.