TransCanada, Sierra Oil & Gas and Grupo TMM are proposing to jointly develop storage and transportation infrastructure to supply refined products such as gas, diesel and jet fuel to the central region of Mexico and surrounding markets.

The proposed $800 million project would be the largest single investment in refined products since the establishment of the Mexico energy reform. It involves transporting refined products into central Mexico from the Gulf Coast, providing energy security, jobs and economic growth in the country.

TransCanada will hold a 50% interest in the project, with Sierra Oil & Gas holding 40% and Grupo TMM holding 10%. TRP is trading higher at $45.93, near the high of its 52-week range of $28.40 to $47.49.