TankTerminals.com - LUKOIL's Litasco to expand oil storage in Barcelona

LUKOIL's Litasco to expand oil storage in Barcelona

July 29, 2010 [Reuters] - Litasco, the trading arm of Russian oil company, has created a joint venture with Spanish oil company Meroil to invest 50 million euros to expand an oil product terminal in Barcelona.

"In line with the Litasco Group strategy to develop its commercial activities globally and increase its presence in key oil markets, this new capacity will further reinforce the LUKOIL Group's trading and supply infrastructure in the Mediterranean region," said Litasco's chief executive Sergey Chaplygin in a statement on Thursday.

The expanded facility will handle oil products and biofuels for import and export is set to increase oil product flows through the port by 50 percent, Meroil said.

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Added to TankTerminals.com on: Thursday, July 29, 2010 by Reuters.

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