TP Terminals, a joint venture between IEnova and Trafigura controlled by IEnova, has executed a long-term Terminal Services Agreement with a subsidiary of Marathon Petroleum Corporation (MPC) for 650 thousand barrels, approximately equivalent to 30 percent of the new capacity (2.2 million barrels) of the marine terminal for the receipt, storage, and delivery of gasoline, diesel and jet fuel in Manzanillo, Colima.
The terminal will enable MPC to supply gasoline and diesel to its growing network of ARCO®-branded service stations in the country. This marine terminal will expand the supply options, improve the logistics and increase the reliability in the supply of refined products in the demand centre of Manzanillo, Colima area as well as in Guadalajara, Jalisco, which will ultimately benefit consumers.
IEnova will be responsible for all aspects of project implementation, including permitting, engineering, procurement, construction, financing, operations and maintenance of the terminal. With an investment of approximately $285 million U.S. dollars, the terminal is expected to begin commercial operations, subject to the timing of issuance of the permits, in the first quarter of 2021.
The remaining 70 percent of the terminal’s new capacity has been contracted with BP and Trafigura. Subject to executing certain agreements, BP and Trafigura will have the option to acquire up to 49 percent of the equity of the terminal. IEnova will always maintain at least 51 percent of the equity.
Currently, IEnova is constructing three terminals and has announced the development of four additional terminals, which is consistent with its commitment to position itself as a leader in refined product transportation and storage, as well as to contribute to the development of energy infrastructure in Mexico.
For more information visit www.ienova.com.mx