OQ8 Announces The Dispatch Of Its 100th Export Vessel From Terminal In Duqm.

Technology

OQ8, a $9 billion joint venture between Oman’s OQ and Kuwait Petroleum International (KPI), has recently celebrated the dispatch of its 100th export vessel from its terminal in Duqm. This achievement not only showcases OQ8’s impeccable safety record since its establishment in May 2023 but also emphasizes its significant role in strengthening global supply chain resilience by successfully exporting over 4.1 million tonnes of products to customers worldwide.

The strategic location of Duqm, situated near key markets along the Indian Ocean, has played a crucial role in facilitating smooth trade across vital regions, from Brazil to the Gulf of Mexico, East Africa to India, thereby enhancing the Refinery’s value proposition to international partners.

David Bird, the CEO of OQ8, highlighted the company’s essential contribution to the global supply chain. “Our 100th shipment is a testament to our strategic vision and operational excellence,” Bird remarked. He further stated, “Being situated outside the Strait of Hormuz, our terminal serves as a critical link in global trade, providing a secure and reliable pathway for the transportation of energy and commodities. This strategic positioning has been instrumental in enabling seamless trade across major markets worldwide, thereby strengthening our value proposition to global partners. Our dedication to being a trustworthy supplier of top-quality products has never been more steadfast, and this milestone solidifies our reputation in the global marketplace.”

OQ8 has raised the bar in maritime logistics, showcasing its ability to efficiently manage the global supply of refined products. The terminal recently achieved a remarkable feat by loading 850,000 barrels of naphtha onto one of the largest vessels it has serviced, an LR2, at a loading rate of 47,000 barrels per hour.

The adaptability of the refinery is further emphasized by its capacity to handle vessels of all sizes, efficiently loading up to 44,000 tonnes of Petcoke in under 68 hours. Additionally, the terminal has successfully facilitated large LPG shipments, up to 5,500 metric tons, and implemented night-time operations for unloading crude oil at Ras Markaz Terminal within a remarkable timeframe of less than a year.

As OQ8 prepares for its inaugural sulphur shipment, it continues to demonstrate its dedication to diversifying export products and enhancing its range of services.

Mubarak Al Naamani, Chief of Finance, Commercial, and Supply Chain Management, shared his perspective on this accomplishment. "This milestone is a testament to the unwavering commitment and hard work of our team," Al Naamani commented.

He further stated, "It highlights our strategic advantage in Duqm as a vital logistical hub, catering to the diverse requirements of our international clientele and contributing to Oman's economic growth. Our consistent project delivery and ability to maintain uninterrupted supply chains, even amidst global uncertainties, establish us as a reliable partner in the international market."

OQ8 is seamlessly integrated with several investment projects within the OQ Group, including Oman Tank Terminal Company (OTTCO) and OQ Trading (OQT), as well as Kuwait Petroleum Corporation (KPC).

The Ras Markaz Crude Oil Terminal, managed with expertise by OTTCO, exemplifies this integration. OTTCO supplies crude storage tanks, enabling the transportation of crude to the refinery through pipelines spanning over 80km.

David Bird further commented, “The collaboration between OQ8 and our partners OTTCO, OQ Trading, and KPC has been crucial to our journey, enhancing our supply chain. Their essential roles highlight our joint dedication to excellence and reliability in the global energy market. We value their commitment and look forward to our ongoing partnership in shaping the energy landscape.”

Since its inauguration on 7 February 2024, OQ8 has been operating at full capacity, delivering 230,000 barrels per day. The Refinery is distinguished not only by its operational success and strategic location but also as one of the world’s most modern and efficient refineries.

OQ8 presents a unique offering in the market, ensuring a continuous supply of top-quality products. This distinct approach has established OQ8 as a reliable partner in the global supply chain, playing a significant role in the growth of Duqm as a key economic hub, attracting international investors and customers.

 

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