Trafigura forms joint venture company with Spanish oil operator

Global commodity trading group Trafigura and oil operator Meroil S.A. have created a joint venture company that includes storage infrastructure for biofuels within the port of Barcelona.

Following Trafigura’s acquisition of 50% of the shares in Meroil Tank S.L. from Meroil for an undisclosed sum, Meroil Tank will now operate as a 50:50 joint venture company with assets including 356,000 cubic meters 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.”

Earlier this year, the trading group also acquired Gearbulk Holding’s 50% share in joint venture company High Heat Tankers (HHT) and ordered a newbuild 17,500 dwt IMO II specialized high heat tanker to support the acquisition of HHT’s services.

HHT was established in 2018 between Gearbulk and Trafigura Group company Puma Energy Supply and Trading to provide access to the largest pool of modern IMO II high heat tankers.