Infraestructura Energética Nova (IEnova) has secured a long-term commitment from Chevron, to use up to 50% storage capacity of its $150m Topolobampo refined fuels marine terminal being built in the Mexican state Sinaloa.
Image: Chevron agreed to use up to 50% of IEnova’s Topolobampo refined fuels marine terminal in Mexico. Photo: courtesy of Coolcaesar/Wikipedia.org
As per the contract signed, Chevron Combustibles de México’s subsidiaries will have storage capacity of 500,000 barrels in the Topolobampo refined fuels marine terminal out of the initial capacity of one million barrels of hydrocarbons and other liquids.
The Chevron’s subsidiary will also have an option to buy a maximum of 25% stake in the Mexican liquid fuels marine terminal upon its commissioning, which is expected to be in the fourth quarter of 2020.
In July, IEnova, a subsidiary of Sempra Energy, said that the liquid fuels marine terminal in Sinaloa will mainly provide storage for diesel and gasoline.
The company said that it had signed a separate long-term contract with an undisclosed American refiner for the other 50% of the Topolobampo refined fuels marine terminal capacity. The Sempra Energy subsidiary plans to reveal the name of the US firm at a later date.
IEnova executive chairman Carlos Ruiz Sacristán said: “The Topolobampo project provides an important supply source of refined fuels for Mexico.
“Together, working with our customers, this terminal will increase reliability of supply, create jobs and provide benefits to millions of Mexican consumers.”
The company, under a 20-year contract awarded by the Topolobampo Port Administration, is responsible for financing, obtaining permits, engineering, procurement and construction, and also the maintenance and operations of the Topolobampo refined fuels marine terminal.
Earlier this week, IEnova secured a similar commitment for its $130m Baja Refinados liquid fuels marine terminal , which is being built at the La Jovita Energy Hub in Ensenada, from BP. As per the contract signed by the parties, BP will use up to 50% of the storage facility, which comes to 500,000 barrels of liquid fuels storage capacity.
The other 50% storage capacity of the Baja Refinados terminal project has been signed up by Chevron Combustibles de México in April.