---

Multinational tank storage company VTTI has signed an agreement with energy company Endesa S.A. to lease a plot of land in the Bay of Algeciras [pictured], in the municipality of Los Barrios, Spain.

VTTI says it intends to build a bulk liquid storage terminal with a capacity of approximately 550,000 cubic meters on this plot, subject to the environmental permit and concession extension from the port of Algeciras.

"The realization of the VTTI bulk liquid storage terminal will offer VTTI’s customers the opportunity to store products on land to serve the local market for ship fuels, as a much more efficient alternative to floating storage in Gibraltar," VTTI said in a statement.

The terminal would also be used to supply the Spanish market by means of a pipeline, that would connect the terminal to the Compañía Logística de Hidrocarburos (CLH) depot, which is located nearby.

VTTI is a major player in the storage and terminal business. A 50/50 joint venture between the Vitol Group, one of the world’s largest energy traders and MISC, the major Malaysian shipping company, VTTI has 13 terminals, with a total capacity of 6 million cubic meters, on five continents.