September 19, 2011 [LITASCO] - As previously announced, in line with the LITASCO Group strategy to develop its commercialactivities globally and increase its presence in key oil markets, LITASCO established in 2010 ajoint venture with the Barcelona based Oil Company Meroil S.A. for the extension of the existing Meroil terminal in the Port of Barcelona.
This new capacity of 360 km3 will enhance LUKOIL Group’s Trading and Supply infrastructure inthe Mediterranean region, and will contribute to increasing its competitive position in keyconsuming markets in and outside of Europe to the benefit of the parent Company LUKOIL.
The construction is advancing very fast, and the works are ahead of schedule. On 12/09/11, afterover 80.000 man hours without any accident, a significant milestone was accomplished: the lastring of the last tank of the tank farm was welded. All LITASCO Group petroleum grades as well as biofuels will be handled at the terminal. Vessels of up to 150 kt will be able to call the port fully laden.
The product stored at the terminal will eitherbe re-exported, or dispatched in Spain, either on trucks or via Spain’s CLH pipeline system. The construction of the terminal will be completed and operational in the first half of 2012.
It will be equipped with the most advanced security, oil movement and fuel control systems and will becertified for Quality as well as, Health, Safety and Environmental Management.
LITASCO Group is one of the world’s major traders of crude oil and refined petroleum productsand deals with more than two thousand suppliers and customers, including all of the world’smajor oil corporations.
In 2010, the LITASCO Group traded over 49 million metric tons of crude oil and 76 million metrictons of petroleum products. The total volume of physical barrels handled in 2010 was 2.5 millionbarrel per day.
