28:08:2015 Storage broker Contango Storage and Spain-based private energy company Euroenergo SA have signed a partnership agreement for Euroenergo’s Tarragona terminal.
Contango will be commercially responsible for the terminal’s expansion project aimed at new customers. The plan is to increase capacity by at least 300,000 cbm for crude, fuel oil and vacuum gas oil (VGO). The terminal will be able to handle part-loaded VLCCs.
Contango Storage was established in 2006 to increase efficiencies in the oil storage market. The company assumes responsibility for the marketing and handling of oil storage for depot owners, with a focus on international markets. Services include marketing, negotiating and administration for clients and authorities.
It rents out storage on behalf of depot owners and traders without administering the facilities itself during the contracted period. This helps both traders and tank owners to find storage and customers.
Earlier this year, Contango and KAI partners took on a second terminal in China. Contango Kai Oil Storage is responsible for international marketing for Guangdong Zhenrong Nansha Terminal in Guangzhou. The terminal has a total capacity of 920,000 cbm and can store crude, fuel oil, distillates and gasoline.