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TransCanada, Sierra Oil & Gas and Grupo TMM plan to develop storage and transportation infrastructure to serve growing demand for refined products such as gasoline, diesel and jet fuel in the central region of Mexico and surrounding markets.
"The proposed US$800mn project would be the largest single investment in refined products since the establishment of the Mexico energy reform," the companies said in a joint statement.
The project includes a marine terminal near Gulf port Tuxpan in Veracruz state with a 14m draft and four docking positions, a 265km refined products pipeline, and an inland storage and distribution hub in central Mexico.
"The approximately 100,000b/d refined products pipeline will parallel TransCanada's recently awarded Tuxpan-Tula natural gas pipeline project," according to the release.
TransCanada will hold 50%, Sierra 40% and TMM 10% of the project. The planned in-service date will be based on discussions with contract shippers.