Valero Energy Corp long-term agreement with IEnova
Valero Energy Corp has signed a long-term agreement with Sempra Energy’s Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) that will see it use the liquid fuels marine terminal that is to be constructed in Veracruz and two inland storage facilities to be constructed in Puebla and Mexico City.
The three liquid fuels projects, which are set to cost $275m to construct, are IEnova’s first ventures in Mexico’s emerging $10 billion liquids market.
Corporate Group President of Infrastructure Businesses for Sempra Energy, Joseph A. Householder said: “These projects will lay a solid foundation for us to expand this new business line into additional terminal opportunities and liquids transportation investments. We plan to continue to build our strategic relationships as projects such as these fit IEnova’s and Sempra Energy’s core competencies.”
The Veracruz terminal will have a capacity of 1.4 million barrels of gasoline, diesel and jet fuel to supply the central region of Mexico. The two storage terminals to be built and operated by IEnova in Puebla and Mexico City will have initial storage capacities of approximately 500,000 barrels and 800,000 barrels, respectively.
After commercial operations Valero will have the option to acquire 50% of the equity in all three assets.
For more information visit www.sempra.com
7th Aug 2017