The U.S. Embassy in El Salvador has emphasized Chevron’s expansion efforts in the country as the American oil giant announces a $30 million investment in the region. The investment aims to bolster Chevron’s operations in El Salvador, with the construction of two tanks—one for gasoline and the other for diesel—that will increase the company’s storage capacity by 260,000 barrels, equivalent to 5.5 million gallons.
Executives from Chevron stated that the investment will be spread over the next five years, with a focus on enhancing the Texaco fuel terminal located in Acajutla. The move is set to fortify Chevron’s presence in the country and support its growth in the region.
In conjunction with the investment, Chevron has pledged to develop a social program that will benefit over 380 students and more than 100 teachers through educational initiatives focused on Science, Technology, Engineering, Arts, and Mathematics (STEAM) in six public schools. The U.S. Embassy in El Salvador welcomed this aspect of the investment, highlighting Chevron’s commitment to both economic and social development.
«We are pleased that Chevron is contributing to the Salvadoran economy with a new investment of $30 million over the next five years. Besides expanding its operations in the country, this Quality USA company will benefit approximately 380 students and over 100 teachers through STEAM programs in six public schools,» stated the diplomatic mission.
Furthermore, Chevron disclosed that the investment will also encompass the construction of new service stations to expand its network across the country. Additionally, the company plans to undertake paving projects as part of its commitment to supporting infrastructure development.
«The investment will not cease; we project annual growth in service stations, meaning we will open between six to eight stations each year in different areas of the country. This is achieved through partnerships with local businesses eager to contribute to the development of the regions where they operate,» expressed Miguel Ramos, Chevron’s Country Manager.
The initiative is aimed at meeting the growing demand for fuel in El Salvador and ensuring a secure supply chain from the brand’s refineries in the United States.
«The company aims to strengthen its commitment to being a reliable fuel supplier for the country while also contributing to the dynamism of the economy,» added Ramos.
Ramos also revealed that the construction project for the new infrastructure is currently in the permitting phase with the authorities. Once the necessary permits are obtained, Chevron expects to commence construction in 2024.
Chevron’s substantial investment in El Salvador signifies the company’s dedication to fostering economic growth and social progress in the region. With the expansion of storage capacity, the establishment of new service stations, and the implementation of educational programs, Chevron is positioned to make a positive impact on the country’s development for years to come.