{"id":4104,"date":"2025-09-04T16:46:00","date_gmt":"2025-09-04T12:46:00","guid":{"rendered":"https:\/\/omanet.om\/en\/news\/economy\/oman-iraq-10m-barrel-storage-pact\/"},"modified":"2025-09-04T22:19:26","modified_gmt":"2025-09-04T18:19:26","slug":"oman-iraq-10m-barrel-storage-pact","status":"publish","type":"post","link":"https:\/\/omanet.om\/en\/news\/economy\/oman-iraq-10m-barrel-storage-pact\/","title":{"rendered":"Oman-Iraq Crude Storage Pact: What the 10M-Barrel Project Means for Regional Energy Investors"},"content":{"rendered":"<style>\r\n@keyframes hitv3sog-fadein{from{opacity:0;transform:translateY(14px)}to{opacity:1;transform:translateY(0)}}\r\n@keyframes hitv3sog-slideup{from{opacity:0;transform:translateY(20px)}to{opacity:1;transform:translateY(0)}}\r\n@keyframes hitv3sog-pulse{0%,100%{box-shadow:0 0 14px #dc262688}50%{box-shadow:0 0 32px #dc2626,0 0 60px #dc262655}}\r\n@keyframes hitv3sog-shimmer{0%,100%{opacity:0.3;transform:scaleX(0.4)}50%{opacity:1;transform:scaleX(1)}}\r\n@keyframes hitv3sog-glow{0%,100%{opacity:0.6}50%{opacity:1}}\r\n@keyframes hitv3sog-badge{from{opacity:0;transform:scale(0.8)}to{opacity:1;transform:scale(1)}}\r\n<\/style><style>\r\n.hitv3sogw{container-type:inline-size;width:100%;max-width:970px;margin:0 auto;box-sizing:border-box}\r\n.hitv3soga{display:flex;flex-direction:row;align-items:center;justify-content:space-between;width:100%;box-sizing:border-box;text-decoration:none;color:#fff;font-family:-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,system-ui,sans-serif;position:relative;overflow:hidden;cursor:pointer;background:linear-gradient(135deg,#111118 0%,#080808 100%);border:1.5px solid rgba(255,255,255,0.08);border-radius:14px;gap:20px;padding:20px 40px;transition:border-color .2s}\r\n.hitv3soga:hover{border-color:#dc262688}\r\n.hitv3sogg1{position:absolute;inset:0;background:radial-gradient(ellipse at 50% 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solid rgba(255,255,255,0.18);backdrop-filter:blur(8px);-webkit-backdrop-filter:blur(8px);border-radius:20px;padding:3px 10px 3px 7px;margin-bottom:clamp(5px,0.6vw,9px);animation:hitv3sog-badge 0.5s ease both;\"><span style=\"display:inline-block;width:6px;height:6px;border-radius:50%;background:#dc2626;flex-shrink:0;\"><\/span><span style=\"font-size:clamp(8px,0.9vw,10px);font-weight:700;letter-spacing:0.07em;color:rgba(255,255,255,0.88);text-transform:uppercase;white-space:nowrap;\">EXCLUSIVE OMAN OFFER<\/span><\/div>\r\n    <div class=\"hitv3sogh\" style=\"animation:hitv3sog-slideup 0.7s ease both;animation-delay:0.15s;\">Websites For <span style=\"color:#dc2626;\">Omani Businesses.<\/span><\/div>\r\n    <div class=\"hitv3sogs\" style=\"animation:hitv3sog-slideup 0.7s ease both;animation-delay:0.3s;\">Empower your brand with custom digital solutions designed for high conversion and market dominance.<\/div>\r\n    <div class=\"hitv3sogbl\"><div class=\"hitv3sogbi\"><span style=\"display:inline-block;width:5px;height:5px;border-radius:50%;background:#dc2626;flex-shrink:0;margin-right:7px;\"><\/span><span>Responsive designs built for growth<\/span><\/div><div class=\"hitv3sogbi\"><span style=\"display:inline-block;width:5px;height:5px;border-radius:50%;background:#dc2626;flex-shrink:0;margin-right:7px;\"><\/span><span>Fast loading with smart automation<\/span><\/div><\/div>\r\n  <\/div>\r\n  \r\n  <div class=\"hitv3sogct\">\r\n    <button class=\"hitv3sogbtn\" style=\"animation:hitv3sog-pulse 2.5s ease-in-out infinite;animation-delay:1s;\">Build Your Free Website <span style=\"opacity:.9;\">\u2192<\/span><\/button>\r\n    <div class=\"hitv3sogbr\">hit.land<\/div>\r\n  <\/div>\r\n<\/a>\r\n<\/div>\n<p>MUSCAT \u2013 Duqm\u2019s aspiration to become a global energy logistics hub received a significant advancement on Wednesday, September 3, 2025, as two subsidiaries of OQ, Oman\u2019s state-owned integrated energy group, signed strategic memoranda of understanding (MoUs) with Iraq\u2019s State Oil Marketing Organization (SOMO). These agreements aim to deepen energy cooperation between Oman and Iraq.<\/p>\n<p>Signed during the official visit of Iraqi Prime Minister Mohammed Shia\u2019 Al Sudani, the MoUs mark a new milestone in Oman-Iraq energy relations, reinforcing the two nations\u2019 roles as vital centers in the global crude oil market, according to OQ.<\/p>\n<p>The first MoU involves OQ\u2019s Oman Tank Terminal Company (OTTCO), which operates a major crude oil storage terminal at Ras Markaz near Duqm. Under this agreement, OTTCO will partner with SOMO to develop an integrated crude oil project at Ras Markaz. Initially, the project will feature storage, loading, and unloading facilities with a starting capacity of 10 million barrels, with plans for future expansion.<\/p>\n<p>OQ highlighted, \u201cThe first memorandum establishes a large-scale crude storage project at Ras Markaz with an initial capacity of 10 million barrels, creating modern infrastructure to support global distribution.\u201d<\/p>\n<p>OTTCO emphasized, \u201cThis strategic partnership reflects the strong relations between the Sultanate of Oman and the Republic of Iraq, and underscores OTTCO\u2019s ambitious vision to position Duqm as a regional energy hub while opening new horizons for growth and economic integration.\u201d<\/p>\n<p>The second MoU sees OQ Trading, the group\u2019s commodities trading division, collaborating with SOMO to market Iraqi crude internationally. This partnership aims to harness combined expertise to boost value creation and broaden market reach.<\/p>\n<p>OQ stated, \u201cTogether, these memoranda extend beyond trade. They embody a shared commitment to building sustainable economic ties, exchanging knowledge, and advancing OQ\u2019s ambition to grow as a trusted global partner in energy investment and trade.\u201d<\/p>\n<p>Central to these agreements is Ras Markaz\u2019s strategic value as a crude storage and logistics hub, bolstered by Duqm\u2019s proximity to vital maritime shipping routes in the Indian Ocean, offering access to markets across Asia, Africa, and Europe.<\/p>\n<p>The Ras Markaz terminal currently supplies the Duqm Refinery through an 80-kilometre pipeline, directly transporting crude oil to the refinery. Its infrastructure includes eight large tanks, floating platforms for import-export operations, seven kilometres of subsea pipelines, and a pumping station linked to the storage tanks.<\/p>\n<p>With advanced technical capabilities, the terminal can blend different crude oil grades and efficiently load and discharge vessels. Spread over 40 square kilometres, Ras Markaz is designed to hold approximately 200 million barrels of oil.<\/p>\n<p>In a related development from April, OTTCO signed an agreement with Royal Vopak of the Netherlands to develop an integrated hub in the Special Economic Zone at Duqm (SEZAD). This partnership focuses on storage and handling of hydrocarbons, chemicals, and low-carbon products, as well as building infrastructure for oil, chemicals, LPG, LNG, hydrogen, ammonia, and CO\u2082 storage solutions.<\/p>\n<p>These strategic initiatives further solidify Duqm\u2019s rising status as a key global energy logistics center.<\/p>\n<p><style>\r\n@keyframes hitl8gak-fadein{from{opacity:0;transform:translateY(14px)}to{opacity:1;transform:translateY(0)}}\r\n@keyframes hitl8gak-slideup{from{opacity:0;transform:translateY(20px)}to{opacity:1;transform:translateY(0)}}\r\n@keyframes hitl8gak-pulse{0%,100%{box-shadow:0 0 14px #dc262688}50%{box-shadow:0 0 32px #dc2626,0 0 60px #dc262655}}\r\n@keyframes hitl8gak-shimmer{0%,100%{opacity:0.3;transform:scaleX(0.4)}50%{opacity:1;transform:scaleX(1)}}\r\n@keyframes hitl8gak-glow{0%,100%{opacity:0.6}50%{opacity:1}}\r\n@keyframes hitl8gak-badge{from{opacity:0;transform:scale(0.8)}to{opacity:1;transform:scale(1)}}\r\n<\/style><style>\r\n.hitl8gakw{container-type:inline-size;width:100%;max-width:970px;margin:0 auto;box-sizing:border-box}\r\n.hitl8gaka{display:flex;flex-direction:row;align-items:center;justify-content:space-between;width:100%;box-sizing:border-box;text-decoration:none;color:#fff;font-family:-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,system-ui,sans-serif;position:relative;overflow:hidden;cursor:pointer;background:linear-gradient(135deg,#111118 0%,#080808 100%);border:1.5px solid rgba(255,255,255,0.08);border-radius:14px;gap:20px;padding:20px 40px;transition:border-color .2s}\r\n.hitl8gaka:hover{border-color:#dc262688}\r\n.hitl8gakg1{position:absolute;inset:0;background:radial-gradient(ellipse at 50% 0%,rgba(220,38,38,0.35),transparent 65%);pointer-events:none;z-index:0}\r\n.hitl8gakg2{position:absolute;bottom:0;left:0;right:0;height:45%;background:radial-gradient(ellipse at 50% 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solid rgba(255,255,255,0.18);backdrop-filter:blur(8px);-webkit-backdrop-filter:blur(8px);border-radius:20px;padding:3px 10px 3px 7px;margin-bottom:clamp(5px,0.6vw,9px);animation:hitl8gak-badge 0.5s ease both;\"><span style=\"display:inline-block;width:6px;height:6px;border-radius:50%;background:#dc2626;flex-shrink:0;\"><\/span><span style=\"font-size:clamp(8px,0.9vw,10px);font-weight:700;letter-spacing:0.07em;color:rgba(255,255,255,0.88);text-transform:uppercase;white-space:nowrap;\">EXCLUSIVE OFFER<\/span><\/div>\r\n    <div class=\"hitl8gakh\" style=\"animation:hitl8gak-slideup 0.7s ease both;animation-delay:0.15s;\">Your Website <span style=\"color:#dc2626;\">Should Sell.<\/span><\/div>\r\n    <div class=\"hitl8gaks\" style=\"animation:hitl8gak-slideup 0.7s ease both;animation-delay:0.3s;\">Custom-built websites with smart automation & AI-powered features.<\/div>\r\n    <div class=\"hitl8gakbl\"><div class=\"hitl8gakbi\"><span style=\"display:inline-block;width:5px;height:5px;border-radius:50%;background:#dc2626;flex-shrink:0;margin-right:7px;\"><\/span><span>SEO-optimized & lightning fast<\/span><\/div><div class=\"hitl8gakbi\"><span style=\"display:inline-block;width:5px;height:5px;border-radius:50%;background:#dc2626;flex-shrink:0;margin-right:7px;\"><\/span><span>Smart features built for your business<\/span><\/div><\/div>\r\n  <\/div>\r\n  \r\n  <div class=\"hitl8gakct\">\r\n    <button class=\"hitl8gakbtn\" style=\"animation:hitl8gak-pulse 2.5s ease-in-out infinite;animation-delay:1s;\">Get Free Consultation <span style=\"opacity:.9;\">\u2192<\/span><\/button>\r\n    <div class=\"hitl8gakbr\">hit.land<\/div>\r\n  <\/div>\r\n<\/a>\r\n<\/div><br \/>\n<\/p>\n<p>Special Analysis by Omanet | Navigate Oman&#8217;s Market<\/p>\n<p>The strategic MoUs between OQ subsidiaries and Iraq\u2019s SOMO signal <strong>Duqm\u2019s rise as a pivotal energy logistics hub<\/strong>, leveraging its world-class Ras Markaz terminal and proximity to key maritime routes. This partnership <strong>opens significant opportunities for Oman\u2019s energy sector to expand crude storage, enhance market access, and boost trade value<\/strong> by integrating with regional supply chains. Smart investors should consider the growing infrastructure and regional integration in Duqm as a gateway for future energy and industrial diversification, while businesses must prepare for increased activity and collaboration across energy markets.<\/p>\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Duqm\u2019s ambitions as a global energy logistics hub got a boost with OQ subsidiaries signing MoUs with Iraq\u2019s SOMO to develop a 10-million-barrel crude storage project at Ras Markaz and collaborate in marketing Iraqi crude, enhancing Oman-Iraq energy cooperation.<\/p>\n","protected":false},"author":5,"featured_media":4105,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[482],"tags":[1519,1518,1517],"class_list":["post-4104","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-crude-oil-storage-project","tag-duqm-energy-hub","tag-oman-iraq-energy-cooperation"],"jetpack_featured_media_url":"https:\/\/omanet.om\/wp-content\/uploads\/2025\/09\/3119337.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/omanet.om\/en\/wp-json\/wp\/v2\/posts\/4104","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/omanet.om\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/omanet.om\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/omanet.om\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/omanet.om\/en\/wp-json\/wp\/v2\/comments?post=4104"}],"version-history":[{"count":1,"href":"https:\/\/omanet.om\/en\/wp-json\/wp\/v2\/posts\/4104\/revisions"}],"predecessor-version":[{"id":4106,"href":"https:\/\/omanet.om\/en\/wp-json\/wp\/v2\/posts\/4104\/revisions\/4106"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/omanet.om\/en\/wp-json\/wp\/v2\/media\/4105"}],"wp:attachment":[{"href":"https:\/\/omanet.om\/en\/wp-json\/wp\/v2\/media?parent=4104"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/omanet.om\/en\/wp-json\/wp\/v2\/categories?post=4104"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/omanet.om\/en\/wp-json\/wp\/v2\/tags?post=4104"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}