BP and IEnova have executed a new long-term contract for BP to use the refined product receipt, storage and delivery terminals that IEnova is developing in Mexico.
BP will be able to store more than one million barrels in these terminals in Manzanillo, Colima and Guadalajara, Jalisco to supply more than 150 BP service stations in the western region of the country.
In the Manzanillo terminal, BP will have 740,000 barrels of storage, which represents 50% of the terminal's capacity. In the Guadalajara terminal, the agreement will allow up to 290,000 barrels of gasoline and diesel storage.
In 2018, BP announced it will utilise 50% of the storage capacity of IEnova's Baja Refinados terminal in Ensenada, Baja California, which is currently under development.
This new agreement will allow BP enhance its supply options, improve logistics, and increase fuel delivery reliability, which will contribute to energy security in Mexico's central-western region.
Additionally, BP will have the option to acquire between 20% to 25% of the equity in these projects, subject to certain agreements, once they reach commercial operations.
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