U.S. oil prices rise as Gulf platforms shut ahead of hurricane

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Reuters / Henning Gloystein / September 3

 

* Storm Gordon to make U.S. landfall as hurricane

* Brent dips as India takes steps to continue Iran imports

* Global oil markets have tightened since 2017 – Barclays

By Henning Gloystein

SINGAPORE, Sept 4 (Reuters) – U.S. oil prices edged up on Tuesday, rising back past $70 per barrel, after two Gulf of Mexico oil platforms were evacuated in preparation for a hurricane.

U.S. West Texas Intermediate (WTI) crude futures were at $70.04 per barrel at 0034 GMT, up 24 cents, or 0.3 percent from their last settlement.

Anadarko Petroleum Corp said on Monday it had evacuated and shut production at two oil platforms in the northern Gulf of Mexico ahead of the approach of Gordon, which is expected to come ashore as a hurricane.

International Brent crude futures, by contrast, lost ground, trading at $78.10 per barrel, down 5 cents from their last close.

This came as India allowed state refiners to import Iranian oil if Tehran arranges and insures tankers.

Many international shippers have stopped loading Iranian oil as U.S. financial sanctions against Tehran prevents them from insuring its cargoes.

Mirroring a step by China, where buyers are shifting nearly all their Iranian oil imports to vessels owned by National Iranian Tanker Co (NITC), this means that Asia’s two biggest oil importers are making plans to continue Iran purchases despite pressure by Washington to cut orders.

CHANGING MARKET

Britain’s Barclays bank said on Tuesday that oil markets had changed since 2017 when worries about rising supply were more evident.

“U.S. producers are resisting temptation and exercising capital discipline, OPEC and Russia have convinced market participants they are managing the supply of over half of global production, the U.S. is using sanctions more actively, and several key OPEC producers are at risk of being failed states,” Barclays said.

Crude oil “prices could reach $80 and higher in the short term”, the bank said, although it added that despite these developments global supply may exceed demand next year.

For 2020, Barclays said it expects Brent to average $75 per barrel, up from its previous forecast of just $55 a barrel.

French bank BNP Paribas struck a similar tone, warning of “supply issues” for the rest of the year and into 2019.

“Crude oil export losses from Iran due to U.S. sanctions, production decline in Venezuela and episodic outages in Libya are unlikely to be offset entirely by corresponding rises in OPEC+ production due to market share sensitivities,” the bank said.

“We do not expect oil demand to be materially impacted in the next 6-9 months by economic uncertainty linked to U.S./China trade tensions and recent concerns over emerging markets,” he added.

BNP Paribas expects Brent to average $79 per barrel in 2019.

 

Reuters / Henning Gloystein / September 3

 

The strategic value of the pipelines

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The Five-Year Expansion Plan of the National Integrated Natural Gas Transportation and Storage System 2015-2019 contemplates the construction of more than 5,000 km of natural gas pipelines, with an estimated investment of close to 10,000 million dollars. For its elaboration, the National Infrastructure Program 2014-2018 was taken as a basis, in which the gas pipeline construction projects are planned, with an approach that seeks to guide the integral functionality of the new infrastructure of the country.

On the other hand, the main objective of the Quinquennial Plan is to bring natural gas, considered the most efficient fuel and of intensive use, to different areas of the country, among which are Hidalgo, Puebla, Veracruz, Aguascalientes, Durango, Michoacán, Guerrero, San Luis Potosi, Chihuahua, Sonora, Oaxaca, Tamaulipas and Nuevo Leon, especially in industrial areas and those where up to now this hydrocarbon has not been accessed.

The foregoing is in line with one of the objectives of the Energy Reform, consisting of the safe, reliable and competitive supply of natural gas.

These new gas pipelines will be added to the more than 10,000 km already existing, and will increase the capacity of transportation of natural gas by 50%.

It is worth mentioning that the expansion of the gas pipeline network can bring with it a greater possibility of accidents, considering that the pipelines are one of the means of transport that present a greater frequency and severity of accidents, due to the fact that they are exposed to various hazards as: explosion, fire, natural phenomena and ill-intentioned acts.

Therefore, it is very important that during the construction and operation of the pipelines, the insurance coverage is adequate for the complexity of this means of transport, for which it must be taken into account that the damages may affect the infrastructure, people, their assets and the environment.

In NRGI Broker we are experts in designing comprehensive insurance schemes for the Hydrocarbons Sector, come to us.

 

Risks in the Hydrocarbons Sector

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A risk, according to the Law of the National Agency for Industrial Safety and Environmental Protection of the Hydrocarbons Sector (ASEA), is the probability that an undesired event will occur, measured in terms of its consequences to personnel, to the population, to facilities and equipment and the environment. In short, a risk is the probability of an accident occurring.

In this regard, it is important to consider that “risk” is not synonym to “danger”, since the latter refers to the intrinsic conditions or characteristics of an object capable of causing harm, while the risk is the probability of that damage occurring. From the above it follows that there are situations and objects that are dangerous themselves and therefore have the potential to cause harm, that is, they represent a risk, which however can be controlled and minimized.

In terms of hydrocarbons, oil and gas are hazardous materials, given their explosive and flammable characteristics. Therefore, the activities in which they are involved represent a risk, hence they are legally defined as highly risky activities.

In addition to the intrinsic characteristics, the operations carried out throughout the hydrocarbon value chain are highly complex, since 1) they involve large-scale infrastructure: drilling platforms, ship-tanks, pipelines, storage terminals, others; 2) are carried out in conditions that may be extreme, for example, drilling an oil well in the sea or traveling long distances through a ship or a train; 3) Advanced technology and specialized personnel are required.

Derived from the above, it is necessary to take all the measures in risk management to avoid accidents from happening. However, although a risk can be prevented and controlled, it can not be eliminated completely, so in any case, it will be necessary to transfer it, with the aim of preventing a company from absorbing the total economic losses that a loss may represent and that they can translate into a significant patrimonial detriment.

A risk can be transferred to an insurance company, through an insurance contract in which the insurer is committed to the insured, who in return for a premium, will indemnify him in case he suffers a loss that causes losses economic, as long as the event corresponds to the insured object, conforms to the terms and conditions established in the policy and is not an exclusion.

In the SectorHydrocarbons Sector, there are specific insurances to cover the risks inherent to this activity, which have also been established as mandatory by the regulatory authority (ASEA), such as: 1) Well control; 2) Civil Liability and 3) Environmental Responsibility.

At NRGI Broker, we are experts in insurance for the Hydrocarbons Sector. Come to us.

 

Oil industry encouraged by Trump’s trade deal with Mexico

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Washington Examiner/ John Siciliano / August 27

 

President Trump’s announcement with Mexico on Monday is being taken as an encouraging sign by the U.S. oil and natural gas industry.

“We are encouraged that negotiators have reached a preliminary agreement to modernize our trade relationships,” said Mike Sommers, the new president and CEO of the American Petroleum Institute, the oil industry’s top lobbyist in Washington.

“America’s natural gas and oil industry depends on trade to continue to grow U.S. jobs and our economy, and deliver for consumers,” he added.

Trump announced Monday morning that progress had been made toward a deal with Mexico on renegotiating the North American Free Trade Agreement. Negotiations with Canada, the final piece in the agreement, are still ongoing.

Trump called it a “big day for trade” and the nation in an Oval Office announcement in which he teleconferenced with outgoing Mexican President Enrique Pena Nieto.

Energy has been a key aspect of the negotiations on a revamped version of NAFTA. However, no announcement on energy trade was made on Monday. The agreement with Mexico centered on ensuring that a higher percentage of automobiles sold in North America are made with parts produced on the continent.

Negotiations on an update to the free trade agreement had stalled in recent months amid disagreements over, among other things, provisions related to the automotive and energy industries. U.S. and Mexican negotiators, however, had made breakthroughs on those issues ahead of Monday’s announcement.

Jesus Seade, the incoming Mexican government’s chief NAFTA negotiator, said Sunday the energy issues have been “ironed out,” without going into detail, Reuters reported.

Mexico has become a large importer of U.S. natural gas and oil in recent years. Energy Secretary Rick Perry had visited Mexico ahead of Monday’s announcement. He was there to discuss “how the U.S. and Mexico can continue to work together to make North America a world-wide leader in energy production and exports,” Perry said last week in a tweet.

 

Washington Examiner/ John Siciliano / August 27

 

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La “Reforma Energética”de 2013 significó una apertura al sector privadoen esferas antes reservadas exclusivamente a órganos gubernamentales, tales como los sectores de infraestructura, hidrocarburos y energía; propiciando un modelo estratégico en el que los inversionistas pueden ser participantes en el desarrollo de proyectos de estos rubros como Empresas Productivas del Estado (EPE).

Estas EPE cuentan con personalidad jurídica y patrimonio propios, así como cierta autonomía que las empresas paraestatales y empresas públicas carecen; otorgando la posibilidad de abrir los sectores señalados con anterioridad a un panorama competitivo en el mercado mexicano. Con este nuevo paradigma, las prospectivas de los sectores eléctrico, de hidrocarburos y de energías renovables se amplían, como lo demuestran las siguientes cifras dentro de los documentos emitidos por la Secretaría de Energía (Prospectivas 2017-2031):

  • La producción estimada de aceite (miles de barriles diarios) aumenta de 1,964 a 3,252 al año 2031.
  • En el 2016, la capacidad instalada del Sistema Eléctrico Nacional se ubicó en 73,510 MW; pronosticando que para el 2031, esta cifra aumente hasta 113,269 MW.
  • En el 2016, existía un balance en el que la Energía Convencional comprendía un 71.2% y la Energía Limpia un 28.8% de la capacidad instalada por tipo de tecnología; previendo para el 2031 que la Energía Convencional ocupe un 50.4% y la Energía Limpia un 49.6%.
  • El incremento esperado de procesamiento de crudo es de 79.6% para el periodo 2017-2031.

Estos son ejemplos de las altas expectativas que se tienen del crecimiento en cuanto a producción, desarrollo y consumo de Energía e Hidrocarburos en poco más de una década. Con lo anterior en consideración, se debe prever que Empresas Productivas del Estado podrán realizar las siguientes actividades encaminadas a alcanzar estos Pronósticos:

  • Sector Hidrocarburos:Exploración superficial marítima y sísmica terrestre; Exploración y Extracción de hidrocarburos; Tratamiento y Refinación de Petróleo; Transporte de Hidrocarburos, Petrolíferos y Petroquímicos; Almacenamiento de Hidrocarburos, Petrolíferos y Petroquímicos; Distribución de Gas Natural y Petrolíferos; Compresión, licuefacción, descompresión y regasificación de Gas Natural; y Expendio al público de Gas Natural y Petrolíferos.
  • Sector Electricidad:Generación de Energía Eléctrica y Servicio público de transmisión y distribución de energía eléctrica.

 

En este tenor, es importante mencionar que la realización de todas estas actividades requerirán de la presentación de un estudio técnico denominado Evaluación de Impacto Social (EVIS), el cual contiene la identificación de las comunidades y pueblos ubicados en el área de influencia de un proyecto, así como la identificación, caracterización, predicción y valoración de las consecuencias a la población que podrían derivarse del mismo y las medidas de mitigación y planes de gestión social correspondientes.

En congruencia con lo establecido en la Ley de la Industria Eléctrica (LIE) y la Ley de Hidrocarburos, el 01 de junio de 2018, se publicó en el Diario Oficial de la Federación el Acuerdo por el que se emiten las Disposiciones Administrativas de Carácter General sobre la Evaluación de Impacto Social en el Sector Energético(el “Acuerdo”).

Dentro de este Acuerdo, se establece la metodología y criterios necesarios para la presentación del EVIS, un avance para la calidad de estos estudios por motivos de que la regulación y los lineamientos necesarios para la su elaboración eran escasos y no existían lineamientos definidos que pudieran usarse como base para las Empresas Productivas del Estado.

Finalmente, no se debe perder de vista la estrecha relación existente entre la Evaluación de Impacto Social y la Evaluación de Impacto Ambiental (EIA), en el entendido que la primera es un prerrequisito para la autorización de la EIA. Es requisito para los regulados contar en forma previa con las autorizaciones de ambos estudios para el desarrollo de los proyectos encaminados a los sectores de Energía e Hidrocarburos. En la siguiente figura se muestra el proceso de elaboración y evaluación de las EVIS.

Con más de 20 años de experiencia, cobertura internacional y fuerte compromiso con la sustentabilidad, la innovación y la calidad de nuestros servicios en el sector hidrocarburos, energía, turismo, desarrollo urbano,  infraestructura, medio ambiente y minería; hemos conformado un catálogo de productos y servicios con valor agregado que resuelva en forma sistémica las necesidades de nuestros clientes y grupos de interés, en materia de planeación, manejo, gestión ambiental y desarrollo sostenible, incluyendo la elaboración de EVIS y la EIA. Para ello, ponemos a su disposición la red más amplia y especializada de expertos a nivel nacional e internacional, ofreciendo una plataforma integral en la materia, trazando las alternativas y estrategias necesarias para el correcto desarrollo de Proyectos Sustentables en México, entre ellos.

Para mayor información y cualquier duda o necesidad derivada de la información presentada en el presente boletín, estamos a su disposición a través de:

 

Consultores en Gestión Política y Planificación Ambiental, S.C.

David Zárate Lomelí

Director General

Teléfono: (998) 6 88 08 75

E-mail: dzarate@gppa.com.mx

www.gppa.com.mx

 

 

Energy Insurance Broker, Agente de Seguros y de Fianzas, S.A.P.I. de C.V.

Graciela Álvarez Hoth

CEO NRGI Broker

Teléfono: (55) 9177 2100

E-mail: graciela.alvarez@nrgibroker.com

www.nrgibroker.com

 

Is Mexico Set To Boost Oil Output?

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Oil Price / By The Dialogue / August 16

 

On July 27, Mexican president-elect Andrés Manuel López Obrador said his government will earmark more than $9 billion for state-run energy companies next year and start working on a new oil refinery in southern Mexico. The moves seek to reduce reliance on fuel imports from the United States while boosting the country’s oil production, which has significantly fallen off in recent years. López Obrador did not say how he would fund his proposals, an omission that worries analysts concerned about Pemex’s already heavy debt burden. He also announced Octavio Romero Oropeza as the incoming head of Pemex. Will the promised investment help accelerate Pemex’s oil and gas production? What else is needed to boost output? How well prepared is Romero Oropeza to lead Pemex, and what should his priorities be? Four Mexican energy experts weighed in with their opinions on these developments.

George Baker, publisher of Mexico Energy Intelligence in Houston: The 116-page energy sector document that the Morena transition team issued on July 10 sports both good and bad ideas. First, among the good ideas, is advocating independent unions in the oil sector (the first time since 1935 that a political party has done this). Second is suspending until further review the so-called farm-outs of Pemex—the idea that civil servants (Pemex employees) and market-disciplined managers of oil companies can have a joint venture based on sharing risk and reward only makes sense on paper. Third is promoting the concept of intelligent cities, including low energy consumption, renewable energy and intelligent grids. A fourth good idea is expanding the grid of natural gas pipelines and the use of renewable energy sources and cogeneration. Among the bad ideas: first is reactivating the refinery project in Tula and analyzing the construction of another refinery in the Gulf of Mexico. Pemex refinery upgrades have gone badly for the past 20 years, notably in Cadereyta, Villahermosa and Tula. A new refinery could take three years just for design and another three for contracting and financing. López Obrador would likely leave office before the first shovelful of earth was turned for the new refinery. Second is the upgrade of the role of Pemex in the energy space. The Morena team proposes to eliminate the so-called ‘asymmetrical regulations’ that restrict Pemex to compete effectively—to aspire to ‘make Pemex great again’ as a state agency is to ignore global success stories of state oil companies with mixed-equity structures, market financing and professional management. Finally, a third bad idea is to overstate (and obfuscate) the potential for change via public policy: there is nothing that is actionable in statements such as ‘the necessary investments in Pemex should be made,’ or ‘efforts to increase exploration and production of natural gas should be made to favor the petrochemical industry,’ or ‘deepen and coordinate all efforts to eliminate the black market in petroleum products.’ Notably, one word that does not appear in the text is ‘corruption,’ an unexpected omission by a candidate that vowed to end corruption by example. Finally, former Pemex director general Adrián Lajous recently calculated the average tenure of a director general as two years and four months. Pemex, legally configured as an agency of the federal government, always has a dozen cooks in its kitchen of corporate governance. If a director general had the authority to order early retirement for 35,000 Pemex unionized workers, there would be opportunities for leadership.

David Shields, independent energy consultant based in Mexico City: In a previous comment for the Energy Advisor on June 15, I mentioned that President-elect López Obrador’s energy team has excellent, progressive plans in renewable energy. Sadly, the same does not apply to conventional energy. The naming of Octavio Romero and Manuel Bartlett to head state-run Pemex and the Federal Electricity Commission (CFE) has been severely criticized because of their hardline political, ideological, non-technical, non-business nature. They may be okay for rooting out corruption, but they add to fears that recent energy reforms may be rolled back, even if they and López Obrador himself deny legal amendments will be made. Congress will ultimately decide on this, and the outlook there is bad. Reforms can be reversed in practice, anyway, just through day-to-day opposition. López Obrador says he will push oil output up sharply to 2.5 million barrels per day, but reserves and reservoirs are largely depleted, there are no new discoveries, and there is not enough money for a vast exploration effort. Foreign operators will need several years to develop their projects. His best bet for ramping up output quickly would be fracking, but he promises to prohibit that, thinking that environmental risks will be greater than the benefits. His refining plans are unrealistic, too. López Obrador´s native Tabasco State offers the wrong site and the wrong logistics for a large-scale refinery to be built in just three years. Such a project normally requires two years to study, plan and tender, then another five or six years to build. Even then, it can hardly be profitable if Mexico produces and processes only very heavy crude. Intentions to rescue Pemex and reduce reliance on energy imports are good, but the prospects are not.

 

Oil Price / By The Dialogue / August 16

 

Mexican energy sector overhaul could reduce U.S. export demand

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Chron / Katherine Blunt / August 6

 

An ambitious plan to boost Mexico’s oil and gas production could potentially slow the country’s energy sector reforms and hinder trade opportunities for U.S. refiners and pipeline companies that have ramped up exports to meet growing demand there, according to research firm Morningstar.

Mexican president-elect Andrés Manuel López Obrador announced late last month a plan to invest billions of dollars in Pemex, the country’s state-owned energy company, in an effort to  reverse years of declining production. He also reaffirmed his intent to review more than 100 exploration and production contracts awarded to private oil and gas companies since the 2013 reforms, which opened the country’s energy sector to foreign investment for the first time in decades.

Mexico’s energy reforms are enshrined in its constitution, and López Obrador has said that he will he will honor existing contracts so long as they don’t reveal corruption. But Morningstar noted that any effort to scale back the reforms or increase Mexican energy production could jeopardize some $200 billion in outside investments planned for the country’s oil and gas, power, refining and distribution sectors.

Part of López Obrador’s plan involves investing $2.6 billion to upgrade the nation’s six existing refineries as well as building a new, $8.6 billion refinery at the oil port of Dos Bocas in Tabasco. The country’s existing refineries have been operating at less than 70 percent capacity since 2012, according to Mexico’s energy department, requiring the country to import more gasoline, diesel, jet fuel and other refined products.

 

Chron / Katherine Blunt / August 6

 

¿Por qué contar con un broker de seguros especializado en energía?

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Los seguros son instrumentos financieros de previsión que nos ayudan a reducir la incertidumbre económica sobre acontecimientos súbitos e imprevistos que puedan afectar el patrimonio de las empresas o de las personas. En sentido estricto, se trata de un contrato a través del cual una de las partes (la aseguradora) se compromete, a cambio de una prima, a indemnizar al asegurado en caso de que se lleve a cabo el evento amparado en la póliza.

 

Los seguros que se requieren en el sector energético son complejos, pues generalmente a través de ellos, se amparan grandes riesgos, como pueden ser operaciones de exploración y extracción de hidrocarburos en aguas profundas; transporte de petróleo por barco; tendido de ductos; construcción y operación de terminales de almacenamiento, etc.

 

Para asegurar estas actividades, es necesario conocer sus características, así como el tipo de riesgos a los que están expuestos, dado que: 1) son peligrosas por sus características de inflamabilidad y explosividad; 2) se les considera actividades altamente riesgosas; 3) es infraestructura de grandes dimensiones y con altos grados de inversión económica; 4) pueden encontrarse o recorrer zonas social y ambientalmente vulnerables y 5) están expuestas a las acciones u omisiones de contratistas, sub-contratistas y proveedores de servicio.

 

Derivado de lo anterior, para contar con la asesoría idónea  y contratar los seguros adecuados, es necesario contar con los servicios de un broker especializado en materia de energía.

 

Este tipo de brokerofrece asesoramiento profesional e imparcial para la contratación de los programas integrales de seguros, con las coberturas que pueden contratarse en México, pero también cuenta con la capacidad para colocar coberturas en el mercado internacional de reaseguro, cuando se trata de “grandes riesgos”.

 

Además, ofrece una variedad de soluciones innovadoras y puntuales que deben ajustarse a las necesidades particulares de cada negocio, dependiendo del perfil de la organización y de los riesgos a los que ésta se expone diariamente en sus operaciones.

 

El conocimiento de la industria petrolera y de los mercados de seguro y reaseguro, que este grupo de profesionales posee, les permite implementar y operar las mejores estrategias en la gestión de administración de riesgos, de conformidad con las necesidades de cada cliente para maximizar las oportunidades y limitar los riesgos.

 

México hace frente a un nuevo panorama con la Reforma Energética, que dará lugar a nuevos esquemas de contratación y participación en el sector de petróleo y energía.

 

En NRGI Broker, somos expertos en seguros para el sector energético. Acércate a nosotros, con gusto te atenderemos.

 

La importancia de contar con un seguro de responsabilidad civil

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Diariamente estamos expuestos a sufrir daños y perjuicios por diversas causas, pero también estamos propensos a ocasionarlos a un tercero. La responsabilidad que surge a partir de causar daño a alguien más se denomina responsabilidad civil.

Uno de los principios fundamentales de la responsabilidad civil es que aquél que cause un daño a otro, debe repararlo, con la intención de regresar las cosas al estado que guardaban antes de que aconteciera el daño y, si ello no fuera posible a compensarlo.

La reparación y/o la compensación de los daños y perjuicios implican, por lo general, el pago de sumas económicas, que de no contar con ellas, el responsable puede ser sujeto de demandas legales.

La responsabilidad civil puede ser contractual y extracontractual. La primera es aquella que deriva del incumplimiento de un vínculo jurídico obligatorio (contrato) y la segunda, es cuando tal vínculo no existe, es decir, se trata del daño que se puede causar a cualquiera, aun sin conocerlo, simplemente por la acción u omisión que derivan en una lesión a un tercero.

La responsabilidad civil también puede ser subjetiva y objetiva. La responsabilidad civil subjetiva es aquella causada por la realización de una conducta ilícita. Por ejemplo, atropellar a alguien por conducir a exceso de velocidad, lo que quiere decir que el daño se produjo por infringir una norma. La responsabilidad civil objetiva es aquella que se presenta por la realización de un daño que no necesariamente deriva de un hecho ilícito, sino que se produjo porque la acción que lo causó es, por sí misma, riesgosa o peligrosa. Por ejemplo, manejar explosivos o productos inflamables.

De cualquier forma  que se produzca la responsabilidad, es un deber legal reparar los daños ocasionados.

Para estar en posibilidades de reparar los daños y perjuicios causados a terceros y a sus bienes es importante contar con un seguro de responsabilidad civil, el cual es el instrumento financiero que permitirá que el responsable cumpla con sus obligaciones, sin tener que afectar su patrimonio.

Los accidentes pueden suceder en cualquier momento y a cualquier persona; por ello, todos estamos expuestos a incurrir en responsabilidad civil.

El seguro de responsabilidad civil es un seguro para todos.

En NRGI Broker somos especialistas en seguros de responsabilidad civil. Acércate a nosotros, con gusto te atenderemos.

 

California-based energy company building $150 million Mexico fuels terminal

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Chron / Rye Druzin, Staff Writer / July 12

 

 

A California energy company is moving ahead with a $150 million fuels terminal in the Mexican state of Sinaloa.

Sempra Energy of San Diego is building the fuels terminal in Topolobampo, Mexico through its Mexican subsidiary Infraestructura Energética Nova, S.A.B. de C.V. or IEnova after the company secured a 20 year contract with the Topolobampo Port Administration.

The first phase of the project will have a storage capacity of 1 million barrels for fuels including gasoline and diesel. Sempra Energy expects operations to start in the fourth quarter of 2020.

In April Sempra Energy announced that IEnova would build a $130 million, 1 million barrel fuels terminal at Ensenada, a city in the Mexican state of Baja California.

San Antonio refiner Valero Energy Corp., the largest independent refiner in the U.S., signed a deal in August with IEnova to export refined product into Mexico. The gasoline, diesel and jet fuel would ship to new $155 million storage terminals IEnova will build in the Gulf of Mexico port city of Veracruz. Other storage terminals will be constructed in Puebla, southeast of Mexico City, and in Mexico city itself, to the tune of $120 million.

 

Chron / Rye Druzin, Staff Writer / July 12