Avant Energy will invest an additional $300 million in the Mexican SUPERA system, which comprises a network of storage terminals.
Luis Farias, Avant Energy CEO made the announcement as the first stone of SUPERA (Altamira-Bajio Petroleum Supply System) at the marine terminal in Altamira, Tamaulipas. Avant Energy initially estimated its investment at $200 million but has increased it to $500 million.
Farias explained that $260 million will be allocated to increase the operating capacity of the terminals that make up the network, while the rest will concentrate on maintaining a strategic inventory of hydrocarbons.
‘We estimate that only in Altamira the investment will reach $200 million, while in Queretaro, we will allocate another $60 million.
‘In addition to the investment in fixed assets, working capital is required to buy and inventory the petroleum products, as well as to give credit to customers, this initial capital is around an additional $250 million.’
Mexico’s energy secretary Pedro Joaquin Coldwell adds that SUPERA will help increase energy security and highlights how efficient the system will be. ‘Under the previous model, prior to the energy reform, private investment was limited to modernise and expand infrastructure, which put national energy security at risk, our current inventory level is only three days of sales, well below the world standard that is 30 days,’ he says.