MEXICO CITY, April 4, 2018 /PRNewswire/ -- Luis Farias, Avant Energy's CEO, announced today an increase in the investment of SUPERA (Altamira-Bajio Petroleum Supply System), which will go from the 200 million dollars (md) initially estimated, to 500 md.
The announcement was made during the ceremony of placing the first stone of SUPERA, at the maritime terminal of Altamira, Tamaulipas, where Mexico's Secretary of Energy, Pedro Joaquin Coldwell, and the Governor of the state of Tamaulipas, Francisco Javier Garcia, attended.
Avant Energy is a Mexican company focused on the development, construction and operation of energy infrastructure for the oil, natural gas, refined products and power sectors, and works on this development with US logistics group Savage Companies and rail operator Kansas City Southern de Mexico as commercial partners.
Luis Farias explained that 260 md will be allocated to increase the operating capacity of the terminals that make up the network, while the rest will concentrate on maintaining a strategic inventory of hydrocarbons. "We estimate that only in Altamira the investment will reach 200 md; while in Queretaro, we will allocate another 60 md," he explained. "In addition to the investment in fixed assets, working capital is required to buy and inventory the petroleum products, as well as to give credit to customers, this initial capital is around an additional 250 md," Farias ended.
Mexico's Energy Secretary, Pedro Joaquin Coldwell, said that SUPERA will contribute to increase energy security and highlighted the efficiency with which the system will operate: "under the previous model, prior to the energy reform, private investment was limited to modernize and expand infrastructure, which put national energy security at risk, our current inventory level is only three days of sales, well below the world standard that is 30 days," he commented.
About Avant Energy:
Avant Energy is backed by capital from Mexican and international institutional investors, managed by affiliates of Riverstone Holdings LLC, an energy focused private equity firm, which include Riverstone's CKD (RIVERCK15 registered and listed in the Mexican Stock Exchange).
SOURCE Avant Energy