Oil Deposit Corunna has entered into a storage agreement for crude oil and petroleum products with a top 10 oil major.
The terminal comprises 350,000 m3 of capacity for all class crude oil and petroleum products in addition to a 400 meter long and 25 meter draft jetty at the Coruna Port in north west Atlantic Spain.
The oil major, which has upstream operations in the North and Barents Seas, will benefit from the innovative short sailing and ECA free Irish sea route, the true VLCC plus jetty and the logistic position advantage to launch cargos to Asia, ODC says in a statement.
Other storage agreement negotiations are in place, including governmental strategic reserves bodies. Construction of the terminal is due to start as soon as permitting is completed, which is currently in its final stages.