April 17, 2012 [Reuters] - Litasco, the Geneva-based trading arm of Russia's Lukoil, said it has opened 13 new storage tanks in Barcelona through a joint venture with Spanish oil firm Meroil.
The new tanks will increase storage capacity by around 300,000 cubic metres or roughly 2.3 million barrels and can store fuels such as diesel, biodiesel and jet, the firm said.
Litasco said the fuels will either be sold into the Spanish market or exported, with Africa a likely destination.
“The new capacity…will further reinforce the Lukoil Group’s trading and supply infrastructure in the Mediterranean and North Africa region as well as the West Africa region,” the firm said in a statement.
Russia’s No.2 oil producer Lukoil has been expanding its refinery capacity in Europe and said it now owns 80 percent of the ISAB plant in Sicily.
It has also increased its retail network in western Europe and last week signed a deal with Dutch Verolma Groep to acquire 59 gas stations in Belgium and the Netherlands.
Trading houses have shown interest in buying physical assets in Europe as trading profits suffer and stricter derivatives regulations loom.
