Muscat: Yesterday, the Global Integrated Energy Group (OQ) commenced the construction phase of its Strategic Fuel Storage Project in Musandam. This ambitious project, with an investment exceeding OMR 78 million (approximately $204 million), was inaugurated under the esteemed patronage of Ibrahim Said Al Busaidi, the Governor of Musandam, amidst the presence of local dignitaries and officials.
This endeavor is a testament to OQ's dedication to sustainable economic development and addresses the escalating demand for petroleum products, propelled by population growth and the expansion of commercial activities. The facility is designed to act as a strategic reserve for a variety of fuels, including gasoline (91 and 95), oil gas, and jet fuel, ensuring a continuous supply during emergencies. The storage capacity of the facility is projected to exceed 14,536 cubic metres.
Governor Al Busaidi underscored the importance of the project, stating, "The Strategic Fuel Storage Project guarantees that the fuel requirements of Musandam are met, even in the face of emergencies, ensuring the needs of both nationals and residents for various fuel products are addressed. This contribution from OQ is crucial to the governorate, enhancing its existing investments and support for the local community."
Minister of Energy and Minerals, Eng. Salim bin Nasser Al Aufi, emphasized that the groundbreaking of the strategic fuel storage project in Musandam is a part of the ministry's concerted efforts, in collaboration with OQ Group, to secure the availability of petroleum products for the residents and citizens, particularly during emergencies. Al Aufi also highlighted the surge in local demand for petroleum products, attributed to population growth and the expansion of commercial activities.
At the ceremony, Ashraf Hamed Al Mamari, the Group CEO of OQ, remarked, "This project represents another significant investment by OQ Group in Musandam, amounting to over OMR800 million. It further solidifies OQ Group's commitment to fulfilling its national responsibilities in advancing energy sustainability and effectively meeting the growing energy demands within the governorate."
