Galfar Engineering & Contracting Co on Tuesday announced that it has been awarded a US$16mn subcontract related to the Phase 1 of the Ras Markaz Crude Oil Park Project.
The company has been awarded the subcontract for ‘pre-site preparation, grading, leveling, earthworks and blasting works’ at Ras Markaz Crude Oil Park Project (phase 1) by China Petroleum Pipeline Engineering Company Limited at a lump sum value of US$16,000,806, Galfar Engineering & Contracting Co said in a filing to the Muscat Securities Market on Tuesday.
The company said that the effective date of the subcontract shall be August 20, 2019 and the completion date is March 30, 2020. ‘We expect reasonable income from this contract,’ it added.
Located 70km south of Port of Duqm, the Ras Markaz Crude Oil Park is being developed by Oman Tank Terminal Company, a subsidiary of Oman Oil Company.
The first phase of the Ras Markaz Crude Oil Park is expected to be operational in 2021, and will feature storage tanks of different sizes.
The total capacity of phase 1 will be up to 25mn barrels of crude oil.