White & Case Advises Terminal Química Puerto México on US$440 Million Senior Secured Debt Financing for its Ethane Terminal and Pipeline Project
2 min read
Global law firm White & Case LLP has advised Terminal Química Puerto México, S.A.P.I. (TQPM) on its US$440 million senior secured debt financing extended by a group of commercial and development banks. The proceeds will be used by TQPM to construct 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 is a 50/50 joint venture between Braskem Idesa, the owner and operator of the Etileno XXI petrochemical project, and Advario, a leader in liquid storage logistics with a global network handling a broad range of products.
TQPM commenced construction of the project in July 2022, with completion expected by the end of 2024. The ethane import terminal and pipeline will have a capacity to deliver 80,000 barrels per day of ethane, which will allow Braskem Idesa to import 100 percent of its feedstock needs.
"We are proud to represent TQPM and the sponsors in this key project for the Mexican petrochemical industry, as part of our more than a decade-long support for the Etileno XXI project," said partner Juan Ruenes.
The White & Case team was led by partners Juan Ruenes Rosales (Mexico City) and Sean Goldstein (Miami); and included local partner Juan Carlos Llorens Rojas (Mexico City) and associates Ana Maria Arias (Miami), Simon Micha Kurc, Christopher Bergan, Mikel Irurita-Campero, José Daniel Franco, Gustavo Neyra, Aida Fernández Laez (all in Mexico City) and Joselyn Gonzalez-Castillo (Miami); as well as partner Ian Cuillerier, counsel Rhys Bortignon and associate Joseph Chen (all in New York), who provided support on the hedges for the financing. Law clerks Daniel Quezada, José Mendez and Sofia Reynoso (all in Mexico City) also assisted on the matter.
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