TULSA, Okla., Feb. 07, 2018 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq:MTRX) announced today that Grupo Desarrollo Infraestructura S.A. de C.V. (GDI) has awarded Matrix Service Inc., a subsidiary of Matrix Service Company, the engineering, procurement, fabrication and general tank construction oversight for 12 tanks that will be part of a new marine liquids fuel terminal located at the Port of Veracruz. The terminal is being built by Infraestructura Energetica Nova, S.A.B. de C.V. (BMV:IEnova) following execution of a 20-year concession agreement with the Port Authority of Veracruz and a long-term storage contract with a subsidiary of Valero Energy Corp.
GDI is the EPC contractor for the terminal, which, when finished, will be the largest private refined products marine terminal built in Mexico after the country’s recent energy reform. When complete, the new liquid fuels terminal will have a nominal capacity of 2.1 million barrels and a working capacity of 1.7 million barrels of gasoline, diesel, jet fuel, and methyl tert-butyl ether (MTBE) to supply the central region of Mexico. The Veracruz terminal is also the first of three storage facilities to be constructed by IENOVA in central Mexico as part of the country’s emerging $10 billion liquids market.
“We take great pride in our position as a leader in tank and terminal design for our customers across the energy markets and, as we launch this project, look forward to building a lasting, partnership relationship with GDI and Ienova,” said John R. Hewitt, CEO of Matrix Service Company.
Said Franco Bonfanti, President of GDI, “GDI has been actively supporting international companies with natural gas pipeline infrastructure projects in Mexico for the last 10 years. This storage terminal project represents an opportunity to expand our service offering to long-term customers like IEnova, and to enter the rapidly growing storage infrastructure market in Mexico in partnership with a leader in the storage solutions industry, Matrix Service Company.”
The award by GDI represents a significant, strategic milestone for Matrix Service Company as it extends its reach into international markets.
About Matrix Service Company
Founded in 1984, Matrix Service Company is parent to a family of companies that include Matrix Service Inc., Matrix NAC, Matrix PDM Engineering and Matrix Applied Technologies. Our subsidiaries design, build and maintain infrastructure critical to North America’s energy, power and industrial markets. Matrix Service Company is headquartered in Tulsa, Oklahoma with subsidiary offices located throughout the United States and Canada, as well as Sydney, Australia and Seoul, South Korea. The Company reports its financial results based on four key operating segments: Electrical Infrastructure, Storage Solutions, Oil Gas & Chemical and Industrial. To learn more about Matrix Service Company, visit matrixservicecompany.com.
GDI is a 100% Mexican company with more than 15 years of experience in providing infrastructure services. The Company’s work at national and international levels is carried out under the highest standards and international certifications ISO 9001, ISO 14000 and OHSAS 18000. GDI specializes in engineering, procurement, construction, transportation services and aggregate production for the mining and Oil and Gas industries.
IEnova, a Sempra Energy (NYSE:SRE) company, develops, constructs, and operates energy infrastructure in Mexico. With nearly 900 employees and more than $7 billion U.S. dollars invested in the country, its presence spans various lines of business within the Mexican energy value chain. IEnova is the first and only energy infrastructure company to be listed on the Mexican stock exchange and it is the only energy company to be part of the IPC Sustainability Index.
For more information, please contact:
Kevin S. Cavanah
Matrix Service Company
Vice President and CFO
Alpha IR Group Investor Relations
This release contains forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are generally accompanied by words such as “anticipate,” “continues,” “expect,” “forecast,” “outlook,” “believe,” “estimate,” “should” and “will” and words of similar effect that convey future meaning, concerning the Company’s operations, economic performance and management’s best judgment as to what may occur in the future. Future events involve risks and uncertainties that may cause actual results to differ materially from those we currently anticipate. The actual results for the current and future periods and other corporate developments will depend upon a number of economic, competitive and other influences, including those factors discussed in the “Risk Factors” and “Forward Looking Statements” sections and elsewhere in the Company’s reports and filings made from time to time with the Securities and Exchange Commission. Many of these risks and uncertainties are beyond the control of the Company, and any one of which, or a combination of which, could materially and adversely affect the results of the Company's operations and its financial condition. We undertake no obligation to update information contained in this release.
Source: Matrix Service Company