LBC Tanquipor of Portugal, a joint venture between LBC and EDP Participacões, is to expand its storage capacity by 53,000 cu m, bringing its total capacity to 166.000 cu m.
The new capacity is intended for the storage and distribution of petroleum products and automotive fuels and will include storage and blending of biodiesel.
After completion of the permitting process, construction is expected to start by April 2007, with the new storage tanks operational by around August 2008.
The company's investment has been prompted by an increased demand for storage capacity on the back of economic growth in the Portuguese market. The project is backed by a long term contract with a major oil company.