Trafigura acquires 50% of Meroil Tank in Spain, creates joint-venture company
Trafigura, a market leader in the global commodities industry, announced Oct. 23 that it 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 94 million gallons of refined oil-products storage infrastructure within the Port of Barcelona in Spain.
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, the 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.”
Meroil President José Luís Porté 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.”
Founded in 1993, Meroil was the first independent operator in the country, playing a key role in the de-monopolization of the oil sector in Spain.
Its founding shareholders were individuals or companies owning small networks of service stations or distributors, primarily located in the area of Catalonia.
The oil operator’s activity began in this region and soon expanded to the rest of Spain.
Today, Meroil has a network of service stations with a presence throughout the territory, providing products to fleets of ships, commercial airlines and the industry.
Meroil has the largest coastal terminal in Spain for the storage of oil products and biofuels, connected to the national pipeline system.
The mission of the new joint-venture company between Trafigura and Meroil is to provide logistics and distribution of oil products and biofuels on both the national and international markets.
The Trafigura Group employs over 12,000 people, over 1,400 of which are shareholders, and is active in 156 countries.
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