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Global commodity trading group Trafigura and Spanish oil operator Mer oil have formed a joint venture to provide storage infrastructure for biofuels within the port of Barcelona. Singapore-based Trafigura has completed the acquisition of 50% of the shares in Meroil Tank from the oil operator Meroil for an undisclosed sum. This follows receipt of the applicable regulatory approvals.
Meroil Tank will now operate as a 50:50 joint venture company with assets including 356,000 cu metres of refined oil products storage infrastructure at the Barcelona port.
According to Trafigura, the joint venture will continue serving current and future customers to store refined oil products including gasoil, gasoline, and jet fuel as well as biofuels.
“We are delighted to join forces with Meroil, a prominent logistics provider and wholesale fuel operator in Barcelona,” said Jamie Torrance, Global Head of Distillates for Trafigura.
“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. We look forward to working with the Meroil team on the further development of the terminal’s logistics, while staying attentive to the market’s evolution towards low-carbon fuels,” he added.
“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," said José Luís Porté, President of Meroil.
Meroil has a network of service stations with a presence throughout the territory, providing products to fleets of ships, commercial airlines, and the industry. Meroil has the largest coastal terminal in Spain for the storage of oil products and biofuels, connected to the national pipeline system.
