Sempra Energy said its IEnova subsidiary signed a long-term contract with British Petroleum to provide storage space at IEnova’s proposed liquid fuels marine terminal in Baja California. Financial terms of the deal were not disclosed.
Sempra (NYSE: SRE) announced the deal on Sept. 11.
Under the contract, BP will have storage capacity of 500,000 barrels of liquid fuels to supply service stations in northern Mexico.
In April, IEnova said it signed a long-term contract with Chevron’s Mexico unit for approximately 50 percent of the facility’s initial storage capacity. The BP deal fills the other 50 percent.
IEnova is developing the 1 million barrel liquid fuels terminal in the La Jovita Energy Hub in Ensenada. The Sempra unit is responsible for financing, getting permits, engineering, procurement, construction, maintenance and operations.
BP will have the option to acquire up to 25 percent of the terminal’s equity after commercial operations begin in 2020.