August 2, 2016 / 4:51 PM / 2 years ago

TransCanada plans to develop $800 mln project in Mexico

Aug 2 (Reuters) - TransCanada Corp said it plans to build an $800 million marine terminal and oil pipeline project along with Sierra Oil & Gas and Grupo TMM SAB in Mexico.

The project, which comes at a time when TransCanada’s key projects closer to home are facing delays, includes a marine terminal, a 265 km (165 mile) refined products pipeline and an inland storage and distribution hub in central Mexico.

TransCanada, which has been ramping up its spending in the Latin American country, said it will hold a 50 percent interest in the project, with Sierra Oil & Gas holding 40 percent and Grupo TMM holding 10 percent.

TransCanada said in June it would build and operate a $2.1 billion natural gas pipeline in Mexico through a joint venture with a unit of Sempra Energy.

The Canadian company’s Keystone XL oil pipeline expansion was rejected by U.S. President Barack Obama late last year and the company is struggling with opposition to its Energy East project in Canada. (Reporting by Arathy S Nair in Bengaluru; Editing by Shounak Dasgupta)

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