Singapore-based commodity trading company Trafigura has completed the acquisition of 50 percent of the shares in Meroil Tank S.L. from the oil operator Meroil S.A., 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 that include 356K m³ of refined oil products storage infrastructure within the port of Barcelona.
The company will continue to serve its current as well as 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,” Torrance 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.
