Over 700 Barges Stranded by Mississippi River Closure in Memphis Due to Bridge Crack
The U.S. Coast Guard said 44 vessels with a total of 709 barges are now in the queue as a 1-miles stretch of the Mississippi River remains closed after a...
SINGAPORE, April 28 (Reuters) – Oman Tank Terminal Company (OTTCO) plans to start operating a floating storage unit later this year to ease trade of crude oil futures on the Dubai Mercantile Exchange (DME), trade sources said on Tuesday.
The storage will increase monthly trade volumes on the DME by 2 million barrels and help curb price volatility, they said.
OTTCO, majority owned by the Oman Oil Company (OOC), will lease storage space onboard a Very Large Crude Carrier, via a tender process to four companies for a year, they said. Each company will have space to store one cargo, or 500,000 barrels.
The tender could be issued in June or July so that the storage space would be allocated before September when trade in November-loading cargoes starts, the sources said.
OTTCO, a joint venture between OOC and Takamul Investment Company, declined to comment. (Reporting by Florence Tan; Editing by Clarence Fernandez)
(c) 2015 Thomson Reuters, All Rights Reserved
Join the 68,552 members that receive our newsletter.
Have a news tip? Let us know.