Commodity company Trafigura has acquired a 50% stake in Meroil Tank from  Spanish company Meril following regulatory approvals.

Meroil Tank, which will now operate as a 50:50 joint venture (JV), has assets including 356,000m³ of refined oil products storage infrastructure at the port of Barcelona.

The strategic partnership aims to cater to both existing and future clients, bolstering the terminal's capabilities in logistics and fuel storage.

This development positions the JV to serve a broad range of customers with storage needs for products such as gasoil, gasoline, jet fuel and biofuels.

Trafigura Global head of distillates Jamie Torrance said: “We are delighted to join forces with Meroil, a prominent logistics provider and wholesale fuel operator in Barcelona.

“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.”  

Meroil president Jose Luis Porte said: “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.”

Meroil, established in 1993, has been instrumental in the de-monopolisation of the oil sector in Spain as the first independent operator.

In February 2024, a subsidiary of Trafigura Group entered into a memorandum of understanding (MOU) with Angus Energy to explore the development of a subsurface porous rock storage reservoir at the Saltfleetby gas field in Lincolnshire, UK.