Avant Energy to invest US$ 500 million in fuel storage and distribution project
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Avant Energy announced it will invest US$ 500 million in its SUPERA project, up from US$ 200 million initially estimated, to increase the operating capacity of the terminals that make up the network.
The SUPERA project, which stands for Suministro de Petrolíferos Altamira-Bajio (Altamira-Bajio Petroleum Supply System), consists of two terminals for storage and distribution of refined petroleum products in Altamira and Queretaro.
The company, backed by Mexican and international capital, focuses on the development, construction and operation of energy infrastructure for the oil, natural gas, refined products and power sectors.
Luis Farias, Avant Energy's CEO, explained that US$ 260 million will be allocated to increase the operating capacity of the terminals that make up the network, while the rest will concentrate on maintaining a strategic inventory of hydrocarbons.
"We estimate that only in Altamira the investment will reach US$ 200 million; while in Queretaro, we will allocate another US$ 60 million," he explained. "In addition to the investment in fixed assets, working capital is required to buy and inventory the petroleum products, as well as to give credit to customers, this initial capital is around an additional US$ 250 million," Farias ended.
The announcement was made during the ceremony of placing the first stone of SUPERA, at the maritime terminal of Altamira, Tamaulipas, attended by Mexico's Secretary of Energy, Pedro Joaquin Coldwell, and the Governor of the state of Tamaulipas, Francisco Javier Garcia.
Avant Energy works on this development with US logistics group Savage Companies and rail operator Kansas City Southern de Mexico as commercial partners.
Mexico's Energy Secretary, Pedro Joaquin Coldwell, said that SUPERA will contribute to increase energy security and highlighted the efficiency with which the system will operate: "under the previous model, prior to the energy reform, private investment was limited to modernize and expand infrastructure, which put national energy security at risk, our current inventory level is only three days of sales, well below the world standard that is 30 days," he commented.