Rosneft Corporation has created a subsidiary of Levante Storage S. A. R. L. (Sole Partner) to operate in Lebanon.
The new company, according to RIA Novosti, is registered in Beirut, the capital of Lebanon. The structure was included in the list of Rosneft affiliates on February 26.
At the end of January 2019, Rosneft reported that it had agreed with the Ministry of Energy and Water Resources of Lebanon to transfer the company to the operational management of the oil products storage terminal in Tripoli (the second largest city in Lebanon and the main port in the North of the country) for 20 years. The agreement also includes work on its reconstruction and expansion.
The head of Rosneft, Igor Sechin, noted at the time that the implementation of projects in the Middle East was one of the strategic directions for the company to strengthen its presence in the region and would contribute to the development of international trading, and did not rule out further expansion of cooperation with Lebanon.
GSV "Russia - Islamic World"
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