The deal also comes with an option for Chevron to acquire a 25% stake in the terminal once it becomes operational, anticipated by Q4 2020.
The USD 130-million terminal, to be located in Topolobampo, will have an overall petrol and diesel storage capacity of 1 million barrels. The remaining capacity has already been signed over to another US refiner, the statement said.
Last week, IEnova announced a similar deal with BP for fuel storage at a planned terminal at the La Jovita Energy Hub in Baja California. Chevron had previously signed a deal in April to occupy 50% of that terminal’s 1-million-barrel capacity.
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