Wednesday 23 / October / 2024
Muscat: OQ, the global integrated energy group, yesterday laid the foundation stone for its Strategic Fuel Storage Project in Musandam. The project, with an investment of over OMR 78 million (approximately $204 million), was inaugurated under the auspices of Ibrahim Said Al Busaidi, Governor of Musandam, and in the presence of local dignitaries and officials.
This initiative forms part of OQ’s commitment to sustainable economic development and addresses the rising demand for petroleum products driven by population growth and increased commercial activities. The storage facility will serve as a strategic reserve for various fuels, including gasoline (91 and 95), oil gas, and jet fuel, ensuring uninterrupted supply during emergencies. The facility will have a storage capacity exceeding 14,536 cubic metres.
Al Busaidi highlighted the significance of the project: “The Strategic Fuel Storage Project ensures that Musandam’s fuel needs are met, even in emergencies covering the needs of nationals and residents for different fuel products. This is a vital contribution from OQ to the governorate, bolstering its ongoing investments and its support for local communities.”
Eng. Salim bin Nasser Al Aufi, Minister of Energy and Minerals stated that the groundbreaking of the strategic fuel storage project in Musandam is part of the ministry's ongoing efforts, in collaboration with OQ Group, to ensure the availability of petroleum products for residents and citizens, especially in emergencies. Al Aufi also highlighted the increasing local demand for petroleum products driven by population growth and expanding commercial activities.
Speaking at the ceremony, Ashraf Hamed Al Mamari, Group CEO of OQ, said: “This project marks another addition to OQ Group’s investments in Musandam of over OMR800 million. It also underscores OQ Group’s commitment to fulfilling its national responsibility in advancing energy sustainability and responding effectively to the growing energy demands in the governorate.”
