Valero Energy's deal to export gasoline, diesel and jet into new Veracruz port facilities under construction by IEnova is the latest step in Mexico's move to liberalize its energy industry, giving Valero a strong footing to compete against state oil company Pemex. Valero announced the deal with IEnova, a unit of Sempra Energy, which is building a 1.4 million-barrel storage terminal in Veracruz, as well as two other terminals near Puebla and Mexico City with storage capacity of 500,000 and 800,000 barrels, respectively.
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