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Sempra Energy unit, Valero sign contracts for Mexico liquid fuels projects

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Sempra Energy unit, Valero sign contracts for Mexico liquid fuels projects

Sempra Energy's Mexican unit, Infraestructura Energetica Nova S.A.B. de C.V., signed long-term contracts with a Valero Energy Corp. unit for storage capacity of the liquid fuels marine terminal to be constructed in Veracruz and two inland storage facilities to be constructed in Puebla and Mexico City.

The three liquid fuels projects are IEnova's first venture in Mexico's emerging $10 billion liquids market and represents $275 million in capital investment, according to an Aug. 3 news release.

The 20-year concession agreement with the Port Authority of Veracruz previously awarded in July was also signed on Aug. 3. The Veracruz terminal will have a capacity of 1.4 million barrels of gasoline, diesel and jet fuel and is expected to enter operations in the second half of 2018. The two storage terminals to be built and operated by IEnova will have initial storage capacities of about 500,000 barrels in Puebla and 800,000 barrels in Mexico City and is expected to be in service 2019.

Valero will have the option to acquire 50% of the equity in all three assets subject to the approval of the Port Authority of Veracruz as well as all relevant regulatory and corporate authorizations.