PEMEX to Acquire Servitux Terminal in Tuxpan

PEMEX is in discussions with global investment firm KKR to acquire the Servitux terminal in Tuxpan. The terminal, formerly operated by Terminal Internacional de Fluidos de Tuxpan (TIFT), faced closure in 2021 due to deficiencies, sparking concerns in the energy sector and diplomatic tensions.

Originally developed by Servicios y Terminales de Tuxpan S.A. de C.V., a company owned by SSA México and SSA México Holdings, the terminal received permission from CRE to operate in 2018. It benefited from significant investment from US multinational KKR, via Monterra Energy.

However, government intervention led to the temporary closure of Servitux, with concerns raised by Texas Governor Greg Abbott about potential fuel price impacts along the US-Mexico border.

Monterra Energy disputed the closure, citing potential damages of US$667 million. Yet, in 2023, PEMEX initiated talks with KKR to acquire the terminal for US$327 million, significantly lower than the previously claimed damages. Negotiations, facilitated by the National Assets Administration and Pricing Institute (INDAABIN), reflect Mexico's strategy to strengthen its control over national energy infrastructure.