Lukoil lifts Spanish storage

In line with its move to increase commercial activities in Europe Russian oil company Lukoil’s subsidiary Liatsco has formed a joint venture to expand an oil product terminal in Barcelona.

Litasco, the trading arm of Russian oil company Lukoil, created the joint venture with Spanish oil company Meroil, investing €50 million in the expansion.

The expanded facility will handle oil products and biofuels for import and export is set to increase oil product flows through the port by 50%, Meroil says.

Lukoil has been increasing its refining capacity in Europe since buying a 49% stake in Italy's Isab refinery in 2008.

Another target region for Litasco's expansion is central Asia where the firm opened an office in Kazakhstan in May.