State-owned Oman Oil and Orpic Group – created earlier this year through a merger of two bodies – has signed a memorandum of understanding with South Korea’s SK Engineering & Construction (SKEC) to develop a 200m barrel oil storage facility close to the Duqm Special Economic Zone (SEZ). The facility, to be built at Ras Markaz, 80km north of Duqm, is being built at a cost of $5bn.