The Sultanate of Oman intends to increase its strategic oil storage capacity at Duqm Port, situated outside the Strait of Hormuz. This initiative leverages the port's vital location, as energy producers in the region seek alternative routes to the volatile
waterway. Ashraf Al-Maamari, CEO of the Omani company "OQ", stated in an interview with "Bloomberg" that the company is considering the acquisition or leasing of two very large crude carriers (VLCCs) for use in floating storage at Duqm Port. "OQ" also plans
to raise the onshore crude oil storage capacity at Duqm to 10 million barrels within three years, up from approximately 5 million barrels currently.
