In line with its move to increase commercial activities in Europe Russian oil company Lukoils subsidiary Liatsco has formed a joint venture to expand an oil product terminal in Barcelona.
Litasco, the trading arm of Russian oil company Lukoil, created the joint venture with Spanish oil company Meroil, investing 50 million in the expansion.
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%, Meroil says.
Lukoil has been increasing its refining capacity in Europe since buying a 49% stake in Italy's Isab refinery in 2008.
Another target region for Litasco's expansion is central Asia where the firm opened an office in Kazakhstan in May.