Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) and Trafigura have announced the signing of a long-term contract for 740 million bbls storage capacity of a marine terminal in Manzanillo, Colima, Mexico.
The terminal will be used for the import, storage and delivery of refined products.
As part of this agreement, IEnova also completed the acquisition of 51% of the company whose subsidiary is the owner of certain permits and the land where, subject to the obtainment of remaining permits and other conditions, the terminal will be constructed.
Subsidiaries of Trafigura maintain 49% ownership of the project.
Both companies signed a contract of association to develop, build and operate the terminal.
IEnova will have control of the total implementation of the project, including the culmination of the permit-obtainment stage, recruitment with additional clients, detail engineering, procurement, construction, financing, operation and maintenance of the terminal.
The project will receive investment of approximately US$200 million and, subject to time taken to obtain the permits, is expected to commence operations at the end of 2020.
In the initial stage, it is expected that the terminal will have a storage capacity of 1.48 million bbls, with opportunity for expansion.
The Manzanillo terminal will be IEnova’s sixth refined products terminal in Mexico.
Read the article online at: https://www.hydrocarbonengineering.com/tanks-terminals/03102018/ienova-and-trafigura-sign-contracts-for-marine-refined-products-terminal/