Grupo Mexico looks to expand crude-by-rail business in Mexico

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MEXICO CITY — Mining and infrastructure firm Grupo Mexico is expanding its crude-by-rail business with planned investments in at least three inland terminals in Mexico, Reuters news service reports.

According to Grupo executives, one of the terminals will be used exclusively for Valero Energy, a San Antonio, Texas-based energy company.

Valero announced earlier this summer it had entered in a long-term agreement with Infraestructura Energetica Nova, an energy company, to import refined products at the proposed Port of Veracruz in the Gulf of Mexico. When complete, the port facility will have a storage capacity of about 1.4 million barrels and will be able to accommodate unit trains.

Ferromex, a Grupo Mexico company, will haul the products by rail from Veracruz to inland terminals throughout Mexico.

Grupo Mexico Chief Financial Officer Xavier Garcia de Quevedo says the company is interested in building and operating the terminals and to offer rail services and access to the facilities.

During Reuters’ Latin America Investment Summit, Quevedo referenced Torreon, Chihuahua, Mazatlan, Manzanillo, and Guadalajara as potential sites for new inland terminals.

Grupo Mexico manages dozens of mining facilities throughout Mexico and Central America and has a majority stake in Ferromex. The company also announced earlier this year it would purchase Florida East Coast for $2.1 billion.

See the original story online.

NEWSWIRETrains News Wire

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