Trescorp to Launch New Terminal in Sohar Port
- Business & Finance
In anticipation of the significant growth in petroleum trading in the Gulf Cooperation Council (GCC) region, Singapore-based Trescorp is to launch a new 45-hectare terminal in Sohar Port with an investment of $600 million.
According to the announcement, the new facility will feature six deep-water berths, with 25 meter drafts, one of them capable of receiving VLCC oil tankers of up to 320,000dwt – so-called supertankers.
The new terminal will occupy space in Sohar Port South, a recently announced land reclamation project designed to create more space for industry at the fast growing Omani hub.
In its first phase, the terminal will be equipped to receive, store and blend crude oil, fuel oil and diesel. Expansion plans for phase two include gasoline blending, jet fuel, asphalt and a lube oil blending plant.
Construction of phase-one will start next year, with an initial storage capacity of 600,000m³, while future expansion plans will take the total storage capacity up to 1.8 million m³.
According to the company, construction of the facilities will be privately funded with initial investments for phase one estimated at $187 million and the operations are set to begin by 2020.