The CEO of Ukrainian national pipeline firm Ukrtransnafta, Mykola Havrylenko, has told journalists that the company plans to expand its oil storage capacity.
According to the newswire Interfax, Havrylenko said that the company plans to expand the tank farm of the Pivdenny Sea Oil Terminal on the Black Sea, by building four tanks, each with a capacity of 120,000 tonnes. He said that there is also the possibility to store up to 400,000 tones of crude oil in the linear section of the Kremenchuk-Lysychansk oil pipeline.
Ukrtransnafta has also been granted permission by Ukraine’s finance ministry to create a licensed customs warehouse to support its oil storage services. Interfax reports that there has been much interest in storing oil in Ukraine recently, particularly from the Azerbaijani oil company Socar, as a result of the ongoing oversupply of oil.