San Antonio, Texas-based Valero Energy Corp. announced plans to invest USD200 million in new fuel storage facilities in Mexico.
The fuel storage facilities would be located in three sites, totalling 1.6 million barrels, according to Mexican newspaper Milenio.
The plan is to distribute Valero-branded fuels in Mexico, which would be supplied from a 925,000-barrel terminal to be located in the Gulf Coast city of Altamira in Mexico’s Tamaulipas state. Valero will also build a 325,000-barrel terminal in Monterrey and another in San Luis Potosi.
“The plans are in the works and continue to evolve as we hone our strategy to further serve the Mexico market,” according to Lillian Riojas, Valero spokesperson.
The announcement was made after another San Antonio-based refiner, Tesoro Corp., was awarded the first-ever contract to lease storage and pipeline capacity in northwestern Mexico from Mexico’s state-run oil and gas company Petróleos Mexicanos (Pemex). Tesoro will supply gasoline and diesel fuel in Mexico, which has a daily deficit of 150,000 barrels of refined fuels.