HOUSTON, March 18, 2022 (GLOBE NEWSWIRE) -- Petróleos Internacionales del Caribe ("PIC") and its operating division in Mexico, Petróleos Internacionales del Caribe Inc., Sucursal México ("PICMEX") and EXCEL ("EXCEL") jointly announced today the signing of a Memorandum of Understanding ("MOU") exclusive agreement with PIC for the total commercialization and build-out of its key Export Facilities in Houston, TX together with compressed storage systems for various fuels and key gas pipeline forward positions for the required fueling elements for its Maritime and Terrestrial Operations. The operations will be vital to the Americas and the United Mexican States with PIC one of kind solutions with its other key partnership.
The MOU and exclusive partnership between PIC and EXCEL represent a significant investment milestone in the commercialization of the export facilities and receiving terminals, as it signals the commencement of project specific pre-FEED (Front End Engineering Design) studies by PIC's other partner for the delivery of its maritime and terrestrial operations that will ensure uninterrupted shipments by PIC and its other exclusive partnership for decades to come.
These studies will cover the design of the production and export terminals, receiving terminals and plants, along with the Fleet that will be built to transport and deliver fuel to PIC's markets in Mexico and throughout the Americas. Following completion of the pre-FEED studies and Final Investment Decision (FID) by PIC, PIC and its partner will undertake the FEED for final design and construction for the projects in Mexico that PIC has positioned thus far.
"EXCEL is very enthusiastic about partnering with PIC, and looks forward to a long and mutual growing relationship building out state of the art export and strategic pipeline operations." Jason Hardwick, President of EXCEL Midstream Solutions. "EXCEL looks forward to partnering and providing PIC our best-in-class service across the entire project life cycle." Dave Roberts, CEO of EXCEL
"These projects will provide Mexico, and other countries in Central and South America, and the Americas with affordable fuels and power, as well as significant carbon emissions reductions, a key component in achieving sustainability and balanced for PIC and its Partner."
"We are excited to take this significant step with EXCEL," said Michael Hood, CEO of PIC. "Through this exclusive operational partnership, PIC and EXCEL will accelerate commercialization of the Export Facilities to help meet the fuel supply and electricity needs of PIC's customers in Mexico and throughout the Americas while substituting higher-emission fuels to continue driving down emissions towards a greener brighter future." In addition to the thousands of new employment opportunities, this operation will bring forth to the Great State of Texas over the next decade.
About Petróleos Internacionales del Caribe and Petróleos Internacionales del Caribe Inc., Sucursal México
Petróleos Internacionales del Caribe
About EXCEL
EXCEL is a premier provider of full service civil, structural, mechanical, fabrication, electrical and instrumentation engineering, construction, and maintenance services, as well as disaster recovery services. EXCEL has a long successful history of managing and meeting the challenging schedules and budgets of projects of all sizes, and we are consistently recognized for our exemplary safety record and work quality. Our experience, breadth of projects, dedication to safety and excellent corporate culture help us attract and retain the most highly skilled team of craft and supervisors available to serve our clients' needs. For more information, please visit www.excelusa.comand www.excelmidstream.com
