Litasco, the Geneva-based international trading and supply arm of Russian oil major Lukoil, has established a joint venture with Spain-based oil company Meroil for the extension of the existing Meroil terminal in the Port of 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 groups trading and supply infrastructure in the Mediterranean region.
All petroleum grades as well as biofuels will be handled at the terminal, received by vessels of up to 150 kt, and will be re-exported or dispatched in Spain, on trucks or via Spains CLH pipeline system.
The terminal will be equipped with the most advanced security, oil movement and fuel control systems and will be certified for quality as well as, health, safety and environmental management
Litasco a wholly-owned subsidiary of the Lukoil Group is one of the world's major traders of crude oil and refined petroleum products on export markets.
Lukoil is the second largest privately owned oil company worldwide by proven hydrocarbon reserves and is one of the worlds leading vertically integrated oil and gas companies. Main activities of the company are exploration and production of oil and gas, production of petroleum products and petrochemicals, and marketing of these outputs.
Lukoils current oil export terminal infrastructure includes the unique Varandey oil loading terminal located on the coast of the Barents Sea, equipped with an ice resistant loading sea wharf which is used for year-round deliveries of oil, produced locally by Lukoil, for supply of export markets, notably the US.
The Lukoil network includes 204 tank farms and 6,748 filling stations (including franchises), operating under three brands: Lukoil, Teboil and Getty.