In port La Luz at Las Palmas, Spain, the multinational petroleum firm Oryx will invest more than €40,000 millions in the construction of tanks for petroleum supply. In coming board meeting, port authorities are looking forward to approving a concession of a 40,000 m2 area to start off with Oryx’s building work late in January 2011. The granted surface will also be capable of hosting more petroleum-related companies.

The port of Las Palmas has a growing interest for important fuel companies. Starting last summer, the Greek company Aegean made its entrance into the zone through the purchase of installations to Shell. Nevertheless, Addax & Oryx are materializing its project via no intermediaries.

According to port authority Javier Sáncez Simón, this €40,000 million project will not only build different types of storage tanks, but also generate an intense job demand in the short run. Port’s forecast is that Oryx will become operational around mid-2012. By that time, the company will address efforts to both international markets and local supply.

In words of Oryx’s president, their project arrival is the proof of the steady growth of Puerto La Luz despite the current downturn taking place at the inner market. 

The fact that Oryx’s main influence market is the African continent, took the company to designate the port to strengthen its zone activity while boosting the petroleum business at the Spanish islands of Las Palmas.

Added to the increasing number of companies showing an interest in this zone, port authorities think it’s also worth mentioning that there are at least two more international companies which may be soon landing their projects.

Finally, and in case of materializing all these plans, authorities think that Port of Las Palmas could make it into the top 20 list of oil trade ports in approximately 5 years time.