Akin Gump Advises Valero Energy in Deal to Import Refined Products to Central Mexico
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(Houston) – Valero Marketing and Supply de México, S.A. de C.V., an indirect wholly-owned subsidiary of Valero Energy Corporation, has announced it has signed long-term agreements with Infraestructura Energetica Nova, S.A.B. de C.V. (“IEnova”) to import refined products at the new Port of Veracruz. Akin Gump assisted Valero Energy in the transaction.
In July, IEnova won the Port of Veracruz’s bid for a 20-year concession to build and operate a new marine terminal for the receipt, storage and delivery of refined products. The new terminal, to be built by IEnova, will have approximately 1.4 million barrels of storage capacity. IEnova will also build and operate two additional storage terminals, strategically located near Puebla and Mexico City, which will have initial storage capacities of approximately 500,000 and 800,000 barrels, respectively.
Gabe Procaccini, a partner in Akin Gump’s energy practice, led the Akin Gump team. Energy partner Paul Greening, tax partner Alison Chen and energy associates Eduardo Canales, Kitty Ng and Jason Zhao also worked on the matter.
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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