In addition to the deal, Chevron gained an option to acquire a 25% stake in the terminal once it becomes operational, anticipated by Q4 2020.
The terminal is estimated for $130 million to be located in Topolobampo. It will have an overall petrol and diesel storage capacity of 1 million barrels: 500,000 barrels as already mentioned to be reserved for Chevron, and the remaining capacity has already been signed over to another US refiner, the statement said.
IEnova announced earlier a similar deal with BP for fuel storage at a planned terminal at the La Jovita Energy Hub in Baja California. Chevron had previously signed a deal in April to occupy 50% of that terminal’s 1-million-barrel capacity.