San Antonio’s Valero Energy Corp. announces import deal to Mexico

San Antonio-based refiner Valero Energy Corp. announced Thursday a long-term deal to export refined fuels to Mexico.

The deal with IEnova, a Mexico-subsidiary of San Diego, California-based energy services company Sempra Energy, will utilize a new $155 million, 1.4 million barrel refined product storage facility located in the Gulf of Mexico port of Veracruz.

The facility — which has a 20-year concession agreement with the Port Authority of Veracruz — will hold gasoline, diesel and jet fuel and will be completed by the end of 2018, according to an IEnova news release.

IEnova will build two more storage terminals for $120 million, the company announced Thursday. A 500,000 barrel facility will be built near Puebla, southeast of Mexico City, and an 800,000 barrel facility will be built in Mexico City by 2020, the company said. Products will be transported from Veracruz to the inland storage terminals by rail, and will be distributed by truck.

Valero spokeswoman Lillian Riojas declined to provide further details, including the length of the deal, cost of the deal with IEnova or the amount of daily exports Valero would make to Mexico.

“With the recent Constitutional reform, it is now possible for Valero to import refined products directly into Mexico for further distribution, including branded sales,” Joe Gorder, Valero’s president and CEO, said in a news release. “This transaction will enable us to extend our supply chain to efficiently supply gasoline, diesel and jet fuel to the growing Mexican market.”

Once commercial operations have begun and regulatory approvals have been granted Valero will have the option to purchase 50 percent of the equity in the assets, IEnova’s nerws release said.

Subscribe to our newsletter

Deja un comentario