| 2018-04-12 18:52:57|
SRE, CVX 18:52 04/12 04/12/18
Sempra Energy unit to develop liquid fuels marine terminal in Baja California
Sempra Energy (SRE) announced that its Mexican subsidiary, Infraestructura Energetica Nova, plans to develop, build and operate a receipt, storage and send-out liquid fuels marine terminal at the La Jovita Energy Hub in Ensenada, Mexico. With an expected investment of approximately $130M, the new Baja Refinados liquid fuels terminal will have an initial storage capacity of 1M barrels of gasoline and diesel that will increase the fuel supply capacity and reliability in Baja California. The Marine terminal is expected to commence operations in the second half of 2020. IEnova also announced it has signed a long-term contract with Chevron (CVX) Combustibles de Mexico S. de R.L. de C.V for approximately 50% of the facility's storage and send-out capacity to supply Chevron service stations and other commercial and industrial consumers in Baja California. Chevron will have the option to acquire 20% equity ownership of the facility after commercial operations begin. IEnova will be responsible for the development of the liquid fuels terminal project, including obtaining permits, engineering, procurement, construction and financing, as well as maintenance and operations.