MOSCOW (Pakistan Point News / Sputnik - 24th December, 2019) The Omani Public Authority for Investment Promotion and Export Development has invited Russian investors to take a stake in the construction project for the world's largest oil storage facility, which will be in the Duqm Special Economic Zone on the Arabian Peninsula, the agency's executive director, Azzan Qassim Al-Busaidi, told Sputnik on Tuesday.
"This is the oil storage project in Duqm Special Economic Zone on the coast. The plan is to create the largest oil storage in the world that could contain up to 200 million barrels of oil. We invite those who have reserves of crude oil, as well as investors seeking to invest in expanding storage facilities in the future. The opportunities for investment are open and we see a serious desire within the private sector in Russia to use these opportunities," Al-Busaidi said.
According to the official, the first stage of construction, which will create the capacity for 20 million barrels of crude oil, has already started.
From December 23-27, Russia is hosting Oman business Week. Representatives of the largest Omani banks and investment companies, as well as the nation's sovereign wealth fund are taking part in it at the invitation of the Russian Chamber of Commerce and Industry.
