15/11/2015 08:20 AST

Oman Shipping Company has organised an event to name two medium range (MR) tankers for petroleum products, namely Muscat Silver and Rustaq Silver under the patronage of Wisam Al Najjar, general manager of corporate affairs.

These are the first two tankers of the ten MR tankers to be built under Project Silver that has been contracted between Oman Shipping and Shell International Trading and Shipping Company. The event coincided with the Sultanate’s 45th National Day celebration.

The chief guest along with other participants toured various sections of the vessels that have been built by Hyundai Mipo where the audience listened to a detailed explanation by the engineers on various devices and control equipment provided on the ships, which are designed according to the latest international standards and provided with the latest navigational safety devices and equipment that enable them to meet the purpose of their production, as well as to deal with different climatic conditions.

The latest two tankers are advanced features in terms of fuel consumption and environment protection that result in low carbon dioxide emissions. The Muscat Silver and Rustaq Silver are both 183 metres in length and 32.2 metres wide, with a depth of 19.1 metres. Each tanker’s capacity is 37,900 metric tonnes.

Wisam Al Najjar said that the induction of these two tankers is one of the achievements that will strengthen and consolidate Oman Shipping’s capabilities to meet global market needs by offering advance and modern shipping solutions that serve the oil and other oil derivatives in the shipping sector.

He added that the choice of Shell International to transport their products from oil derivatives on board Oman Shipping’s tankers is only evidence of the confidence of the world's major companies in Oman Shipping. He also noted that the technical management and operations of the vessels of project silver will be by Oman Ship Management Company (OSMC), a subsidiary of Oman Shipping, and this is also an irrefutable proof of OSMC’s capabilities and the confidence of the world's major companies, such as Shell International in technical management of OSMC.

"The achievements of the Oman Shipping’s come from the government vision in strengthening the pillars of Oman's national economy and diversifying sources of national income," said Al Najjar.

By the end of year 2016, there will be the naming of another eight new MR tankers for the same project, which will increase the company's fleet to 53 vessels of various types and the total capacity of about 8.5 million metric tonnes.

Oman Shipping’s expects this expansion to contribute in developing its business operations in the global markets, as well as creating more jobs and training opportunities for national cadres working in the maritime transport sector.

Times of Oman

Ticker Price Volume
Saudi Arabia’s private sector business conditions stabilise in July


Saudi Arabia’s non-oil private sector stabilised in July signaling an improvement in business conditions at the start of the second half of 2020.

The latest Purchasing Managers’ Index (PMI

Gulf News

Oman’s mining sector revenues hit RO 114m in 2019


Oman’s thriving mining and mineral processing sector earned RO 114 million in revenues last year, bolstered by a new Mining Law, strong regulatory framework and the industry’s positioning as one of f

Oman Daily Observer

United efforts, focus on needy key for recovery: Bahrain banker


Banks in Bahrain must play a major role in helping the national economy recover from the global Coronavirus (Covid-19) pandemic and, to do so effectively, will need the ongoing support of all stakeho

Trade Arabia

UAE business conditions improve for the second month in July


The UAE non-oil private sector registered a further recovery in business conditions during July amid a greater easing of lockdown restrictions, according to data from the latest UAE Purchasing Manage

Gulf News

Gulf pension funds need to drop cash


Last week, the US Federal Reserve set interest rates at near zero, or 0.25 per cent to be precise, and which will add further complications to the Gulf’s financial services industry. This includes pe

Gulf News