Litasco and Meroil oil terminal expansion on schedule

Oil major Lukoil says its oil terminal development in Barcelona is on schedule for completion, this week seeing the welding of the ring of the final tank within the farm.

Litasco, the Lukoil International Trading and Supply company, formed a joint venture with Barcelona-based oil company Meroil in 2010 to build the development as an extension of the existing Meroil terminal in the Port of Barcelona.

The new capacity on the site will hold 360m³, storing both biofuels and various grades of petroleum. Product will be able to be delivered via the port, which can house vessels up to 150kt.

So far more than 80,000 hours have been spent building the terminal, which is due to be completed in the first half of 2012.