Trafigura has formed a new joint venture to control a Spanish tank storage operation once part-owned by Russian oil company Lukoil.
The trader and shipowner said it had bought 50% of the shares in Barcelona-based Meroil Tank from domestic oil company Meroil for an undisclosed sum.
The assets include 356,000 cbm of refined oil products storage infrastructure within the port.
Meroil Tank will continue to store refined oil products including gasoil, gasoline and jet fuel, as well as biofuels.
Trafigura global head of distillates Jamie Torrance said: “The asset is integral for the import of refined products and biofuels in the region, offering advanced logistics and flexibility to our current and future customer base.”
Meroil president Jose Luis Porte said: “We appreciate the opportunity to work with a world-leading company in the oil trading sector. This collaboration will significantly enhance the development of our business in Spain.”
The storage facility was founded by Meroil and Lukoil on a 50/50 basis in 2010 and began trading in 2012.
It has a port concession until 2047.
Spanish media reported that Meroil Tank became 100% owned by Meroil and its subsidiary Meroil Sun Light 3 earlier this year. Meroil has been contacted for comment.
No Russian business
Lukoil, Russia’s second-largest oil producer, has not been sanctioned by the European Union, but has been under US sanctions since 2014.
In 2022, Meroil told Reuters it had no plans to sell its 50% stake following the invasion of Ukraine.
The Spanish company was confident the venture would not be affected by any potential new sanctions.
The terminal did not receive Russian oil or ships, it added.
Many Western oil companies and traders sought to unwind joint ventures with Russian partners after the war started.
Lukoil said in 2022 that it was concerned by the “tragic events in Ukraine” and supported negotiations to end the conflict.
