NuStar Energy LP and Pemex affiliate PMI signed a letter of intent for a proposed joint venture (JV) in which the companies will develop new pipeline infrastructure to transport LPG and refined products from the U.S. into northern Mexico, the companies announced in a statement.
Under the JV, the companies will jointly fund construction of new pipeline and storage assets, which NuStar would manage. LPG and refined products will be delivered from Mont Belvieu and Corpus Christi, Texas, to Nuevo Laredo and Burgos-Reynosa, Mexico.
The new infrastructure and terminal facilities will be integrated with NuStar’s existing infrastructure. The project will be supported by a throughput commitment from PMI. The projects are currently expected to be completed and placed into service in the second half of 2016.
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