WINECO is a liquid terminal that provides intake from vessels, storage and distribution by trucks or pipeline of bulk liquids ranging from petroleum products to industrial chemicals and edible cooking oils. WINECO is the largest petroleum and liquid bulk storage and handling facility in Haiti, with storage capacity of approximately 1 million barrels, spread over 22 tanks located adjacent to the port facilities owned by Terminal Vareaux S.A., (“TEVASA”), a related company.
TEVASA and WINECO are companies of the Wingroup (www.wingrouponline.com) owned by the Mevs family. TEVASA and WINECO have been in operations since 1990s. The Wingroup is a Haitian conglomerate with stakes in diverse industries such as warehousing, storage, port operations, cement distribution and commercial and residential real estate.
The IIC loan will be funded by an A Loan of up US$3 million from IIC’s own resources and a B loan of up to US$3 million from a bank participant. The IIC loan will be used for capital investments for a new pier to increase draft to about 14 meters, increase of storage capacity, and for other investments related to safety and operational efficiency.
With this project investment, WINECO will increase capacity to handle liquids and oils related products and will modernize its facilities. The IIC with this loan will help to expand and maintain key business infrastructure to support future demand of basic raw materials for the Haitian economy.