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Oman launches floating storage for DME crude delivery

Published 2015-08-30, 08:30 a/m
© Reuters.  Oman launches floating storage for DME crude delivery
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GLEN
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DUBAI, Aug 30 (Reuters) - Oman Tank Terminal Company (OTTCO)
said it has awarded three companies access to a 2.1 million
barrels of crude floating storage facility that would boost
trading in crude oil futures on the Dubai Mercantile Exchange
(DME).
The facility, which will be at Oman's Mina al-Fahal, will
help to increase monthly trade volumes on the DME and also help
to curb price volatility, trade sources told Reuters in April.
"Three customers - China Oil, Glencore (LONDON:GLEN) and Oman Trading
International (OTI) - have won bids for access to the facility
on board a Very Large Crude Carrier (VLCC), which will be
provided and operated by Oman Shipping Company (OSC)," OTTCO
said in a statement received by Reuters on Sunday.
The storage will make more oil available that can be
delivered against the futures contracts.
OTTCO, majority owned by the state-run Oman Oil Company
(OOC), is a joint venture between OOC and Takamul Investment
Company.

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