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Geneva-headquartered Litasco (Lukoil International Trading and Supply Company), the marketing and trading unit OAO Lukoil, has put into operation 13 new storage tanks in Barcelona via a joint venture with Spanish independent oil firm Meroil S.A..

The new tanks will increase storage capacity by 357,000 cubic metres (cbm) - or around 2.3 million barrels - and will be used to store a variety of products including diesel, jet fuel and biodiesel.

Commenting on the news, Litasco said: "The new capacity of 357,000 cbm will further reinforce the Lukoil Group’s trading and supply infrastructure in the Mediterranean and North Africa region as well as the West Africa region. It will also enable optimization of oil product flows from the ISAB refinery in Sicily - 80% owned by Lukoil."

Litasco established a joint venture with Barcelona-based Meroil on July 19th 2010 for the extension of the existing Meroil terminal at the port of Barcelona.

The extension, named Meroil Tank, S.L., is due to be officially launched at an opening ceremony on Friday, April 27th 2012.

Located adjacent to the existing Meroil terminal, the total storage capacity of the facility will increase to 1 million cbm, the total surface area from 85,000 m2 to 125.000 m2 and the total number of tanks from 32 to 45.

In 2011, the port of Barcelona brought a new 275-metre jetty into service, which enables the terminal to receive larger vessels of up to 150.000 deadweight tonnes (dwt) operating in the western Mediterranean.

"Those upgrades will positively impact the oil logistics platform of the port of Barcelona, which will contribute to turning it into a key hub for petroleum products in the Mediterranean region," said Litasco.

The terminal is equipped with advanced security, oil movement and fuel control systems. It is also certified for quality, health, safety and environmental management, Litasco said.