Mexican regulator grants permit for US$70 million fuel storage terminal in Altamira port
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The Energy Regulatory Commission (CRE) announced it has granted the first fuel storage permit in the Integral Port Administration (API) of Altamira, Tamaulipas, which will be developed and operated by Cooper / T. Smith of Mexico.
The terminal will have an operating capacity of 480,824 barrels and represents an investment of approximately US$70 million.
Cooper / T. Smith, a company that emerged from an alliance between Cooper / T. Smith Stevedoring Company and Grupo Mexicano de Desarrollo (GMD), recently acquired eight hectares adjacent to the API and is in the process of buying another four to build storage tanks there.
Once the tanks are completed, the terminal will be in position to receive the ships with fuel to store it and distribute it to the rest of the country through the two railway companies that serve the port: Kansas City Southern de Mexico (KCSM) and Ferromex.
"With the permit approved by the CRE, the company Cooper / T. Smith de México is in a position to move forward in the process to start the construction of the terminal," the CRE concluded.