Rosneft sets up oil product storage firm in Lebanon
MOSCOW. May 27 (Interfax) - Rosneft has set up a company in Lebanon for oil product storage.
Levante Storage S.A.R.L., registered in Beirut, was added to the list of the Russian oil company's affiliated parties on February 26. The firm is headed by Randa Meouchi.
In January 2019, Rosneft and Lebanon's Energy and Water Resources Ministry agreed on the Russian company taking over operational management of an oil products terminal in Tripoli, Lebanon's second largest city and main port in the northern part of the country, for 20 years. The agreement also calls for the terminal's reconstruction and expansion.
Rosneft expected that the agreement would enable it to strengthen its presence in the region and increase the efficiency of existing integrated production and distribution chains, as well as promote the development of the company's international trading business. The company planned to further expand cooperation with Lebanon and implement a number of other possible projects in the country's oil and gas sector.