Under the agreement, BP will have storage capacity of 500 000 bbls of liquid fuels to supply its network of service stations in northern Mexico.
In addition, subject to the execution of certain agreements, BP will have the option to acquire up to 25% of the terminal's equity after commercial operations begin in 2H20.
In April, IEnova announced it signed a long-term contract with Chevron Combustibles de México S. de R.L. de C.V for approximately 50% of the facility's initial storage capacity, to supply Chevron service stations and other commercial and industrial consumers.
IEnova will be responsible for the development of the liquid fuels terminal project, including financing, obtaining permits, engineering, procurement and construction, as well as maintenance and operations.
The project will be located at the La Jovita Energy Hub in Ensenada and have an initial capacity of 1 million bbls of liquid fuels, with the potential for future expansion.
