Acapulco, Mexico — IEnova and Trafigura have signed a long-term agreement to develop a refined products marine terminal in the Port of Manzanillo in the Mexican Pacific state of Colima, the companies said Friday.
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The new terminal is scheduled to begin operating by the end of 2020 with a total storage capacity of 1.48 million barrels of fuel in its first phase.
As part of the agreement, IEnova bought 51% stake of a subsidiary of Trafigura, which is developing the terminal.
Trafigura is going to contract 740,000 barrels of storage capacity at the project's first phase.
The Manzanillo terminal is well located to supply the greater Guadalajara region, Mexico's second- largest demand center.
This is the sixth terminal that IEnova is developing in Mexico.
The company is also developing terminals in partnership with Valero in the Port of Veracruz and in the cities of Puebla and Mexico City.
IEnova is developing a new terminal in La Jovita Energy Center near Ensenada, Baja California, which have been contracted by BP and Chevron.
The developer is also building a terminal at the Port of Topolobampo, Sinaloa, which has been contracted by Chevron. -- Daniel Rodriguez, firstname.lastname@example.org
-- Edited by Richard Rubin, email@example.com