Pemex plans to buy Monterra Energy fuel storage terminal for $320 million

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Inspenet, May 18, 2023

Petróleos Mexicanos (Pemex) is in talks to buy KKR & Co’s Monterra Energy fuel storage terminal in Tuxpan, Veracruz.

According to several reports, citing the Bloomberg agency, Pemex plans to pay 320 million dollars for the fuel storage terminal.

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Pemex would expand its storage capacity with this purchase

The fuel storage terminal has a storage capacity of 2.2 million barrels. However, the energy infrastructure has faced problems to operate consistently, due to differences with Mexican regulatory authorities.

Previously, Arturo Vivar, CEO of Monterra, asserted that they are in a position to continue supporting Mexico’s energy security. “We have done more than could be expected to cooperatively resolve this matter. In order to continue supporting the economy and energy security of Mexico and to provide well-paid jobs”, he highlighted.

Regulators closed the terminal for nearly a year after a surprise inspection in 2021. At that time, Monterra Energy claimed to be unaware of the reason for the closure of its terminal in Tuxpan, since, it stated, it has complied with all the regulations of the Secretary of Energy (SENER), for which it sued the Mexican state for violation of the Treaty Free Trade International known as T-MEC.

Houston-based Monterra Energy was founded by KKR to invest in Mexico’s fuel sector following energy reforms in 2013 and 2014 that opened up the sector to private capital.

Source : https://energyandcommerce.com.mx/pemex-busca-comprar-terminal-de-monterra-energy-en-320-mdd/

Photo : Editorial credit: Eve Orea / Shutterstock.com

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