Three companies join forces to develop Mexico's fuel storage and transport system
TransCanada Corporation, Sierra Oil & Gas, and Grupo TMM are proposing to jointly develop a US$800 million storage and transportation infrastructure project in Mexico.
The proposed project would serve the growing demand for refined products such as gasoline, diesel and jet fuel in the central region of Mexico and surrounding markets. If would signify the largest single investment in refined products since the establishment of the Mexico energy reform.
TransCanada will hold a 50% interest in the project, with Sierra Oil & Gas holding 40% and Grupo TMM holding 10 percent.
Consisting of three major developments, the project includes the development of a marine terminal near Tuxpan, Veracruz for offloading and distribution of refined products; an approximately 265 kilometre refined products pipeline; an inland storage and distribution hub in central Mexico.
The approximately 100,000 barrels per day refined products pipeline will parallel TransCanada's recently awarded Tuxpan-Tula natural gas pipeline project and expand the company's growing pipeline footprint in Mexico.
