BP signs long term contract with IEnova for use of its refined oil terminals in Mexico

BP has entered into an agreement with IEnova for a long term contract to use its gasoline and diesel reception, storage and distribution terminals in Mexico. These terminals are being newly developed by IEnova in the cities of Manzanillo, Colima, and Guadalajara, the capital of Mexcian state Jalisco. With this agreement, BP will be able to store more than 1 million bbl in these terminals to supply over 150 BP service stations located in the western region of the country.

In the Manzanillo terminal, BP will have 740 000 bbl of storage, which represents 50% of the terminal’s capacity. In the Guadalajara terminal, the agreement will allow up to 290 000 bbl of gasoline and diesel storage.

Last September, BP announced that 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 to use the Manzanillo and Guadalajara terminals will allow BP to enhance its supply options, improve logistics, and increase fuel delivery reliability, which will contribute to energy security in Mexico’s central-western region.

Subject to executing certain agreements, BP will have the option to acquire between 20% and 25% of the equity in these projects once they reach commercial operations.

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