News

Oiltanking Odfjell Terminals & Co. and Aromatics Oman Limited sign long term storage agreement

22.08.2007 - Muscat:
Oiltanking is pleased to announce the signing of a binding Letter of Intent in which Oiltanking Odfjell Terminals & Co. (OOT) will construct, own and operate the bulk liquid import and export facilities for AOL in the Industrial Port of Sohar, Sultanate of Oman. 

Under a long term agreement, OOT will construct 8 tanks with a total capacity of 274,000 CBM to accommodate the feedstock as well as the 819,000 MT paraxylene and 210,000 MT benzene that AOL will produce per annum. 

The tanks will be built on the plot of land currently developed by OOT in the new industrial port and will be connected by pipelines to the world scale aromatics plant, which is under construction nearby. Through this cooperation, AOL will benefit from the economies of scale that OOT creates by building a central independent bulk liquid storage facility directly adjacent the six liquid jetties that OOT operates. 

AOL started construction on the aromatics plant in 2006 and aims to bring the facilities on stream by mid 2009. OOT recently announced the start of construction of its 1st phase tank storage developments representing a total capacity of 537,000 CBM. The 274,000 CBM for AOL will be constructed in parallel with the existing development making it the largest independent bulk liquid storage project in the Middle East. 

OOT will continue its discussions with other petroleum and chemical companies that have or target to have production facilities within the Industrial Port of Sohar. OOT is a joint venture of Oiltanking Odfjell Oman BV (70%), Oman Oil Company SAOC (25%) and Seven Seas Company LLC (5%). Oiltanking Odfjell Terminals Oman BV is a joint venture registered in the Netherlands between Oiltanking GmbH (42.5%), Odfjell Terminals AS (42.5%) and the Star Energy Group Limited (15%). 

Oiltanking is a subsidiary of Marquard & Bahls AG, Germany, a leading privately owned petroleum company. Oiltanking is the second-largest independent tank storage provider for petroleum products, chemicals and gases world-wide. The company owns and operates 74 terminals in 21 countries within Europe, North and South America, Middle East, India as well as Asia. Oiltanking has an overall capacity of 12 million cubic meters. 

For more information about Oiltanking or Marquard & Bahls AG, please visit www.oiltanking.com and www.mbholding.de 

For media enquiries, please contact: 
Mr Gerard Reumer 
Chief Executive Officer
Oiltanking Odfjell Terminals & Co
Tel: +968 24 567980
Email: gerard.reumer@oiltanking.com
           
Mr Daan Vos
GM Asia Pacific, Middle East & Europe
Oiltanking GmbH
Tel: +49 40 370 990
Email: daan.vos@oiltanking.com