White & Case Advises Braskem Idesa on the Sale of Its 50 Percent Interest in Terminal Química Puerto México to Advario
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Global law firm White & Case LLP has advised Braskem Idesa, S.A.P.I., the owner and operator of the US$5.2 billion Etileno XXI petrochemical complex in Mexico, on the sale of its 50 percent interest in Terminal Química Puerto México S.A.P.I. de C.V. (TQPM) to Advario B.V., a subsidiary of Oiltanking GmbH, a leading storage industry company.
TQPM will develop, finance, design, construct and operate a project consisting of an ethane import terminal for the receipt and storage of imported cryogenic ethane to be located in the Pajaritos Lagoon in the State of Veracruz, Mexico, and a pipeline to deliver ethane to Braskem Idesa's petrochemical complex 12 kilometers away.
TQPM commenced construction of the project in July 2022 and is expected to be completed by the second half of 2024. The ethane import terminal and pipeline will have a capacity to deliver 80,000 barrels per day of ethane, which would allow Braskem Idesa to import 100 percent of its feedstock needs.
The White & Case team was led by Project Development and Finance partner Juan Ruenes (Mexico City), and included partner Sean Goldstein (Miami); M&A partners Rodrigo Dominguez (Houston) and Henri Capin, and Local Partner Roman Gonzalez; International Arbitration partner Rafael Llano; and Project Development and Finance associates Mariana Montemayor and Gustavo Neyra López (all in Mexico City). Law clerk Ángeles Femenía (New York) also assisted on the matter.
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