IEnova, a Sempra Energy subsidiary dedicated to the development of infrastructure for the Mexican energy sector, will begin to build a US$ 155 million storage facility for liquid fuels in the port of Veracruz in the coming weeks, national media reported.
The company revealed it has increased the planned capacity of a marine terminal. It will build at the Mexican port of Veracruz to 2.1 million barrels, 700,000 barrels more than originally proposed, IEnova's development vice president, Juancho Eekhout Smith, said during the Mexican Energy Series forum held by Energy Dialogues last week in Mexico City.
The terminal will handle jet fuel, gasoline and diesel, Eekhout added. Construction will start before summer and is expected to be ready for commercial operations in the first half of 2019.
The construction of the terminal was delayed due to regulatory permitting, the IEnova executive said, declining to get into the specifics.
Valero Energy, an oil and gas company based in San Antonio, Texas, has already signed a long-term agreement with IEnova to use de marine terminal as well as other facilities.
Valero will ship fuel on tanker vessels to Veracruz to transport refined products from Veracruz to the inland terminals by railway in partnership with rail company Ferromex S.A.
Overall, IEnova will invest US$ 450 million over the next two years in fuel terminals and other infrastructure.