IEnova to acquire 50% stake in Gasoductos de Chihuahua JV for $1.1bn

Infraestructura Energética Nova (IEnova) has received approval from Mexico's anti-trust commission Comisión Federal de Competencia Económica for its previously announced acquisition of Petróleos Mexicanos’ (Pemex) 50% stake in the Gasoductos de Chihuahua joint venture (JV) for approximately $1.1bn.

Gasoductos de Chihuahua develops and operates energy infrastructure in Mexico.

As part of the transaction, the Mexican subsidiary of Sempra Energy, IEnova will acquire Gasoductos de Chihuahua’s assets, including three natural gas pipelines, an ethane pipeline and a liquid petroleum gas pipeline, as well as associated storage terminal.

As a result of this transaction, IEnova will own 100% of the equity capital in the JV.

Under the agreement, IEnova and Pemex will also maintain a JV for the Los Ramones Norte pipeline project.

With this partnership, both companies will be able to continue their joint development of energy infrastructure projects in Mexico.

Subject to completion of a Mexican anti-trust review and customary closing conditions, the acquisition is expected to be completed later this month.

IEnova develops, builds and operates energy infrastructure in Mexico and invested more than $4bn in operating assets and projects under construction in Mexico as of 31 December last year.

Sempra Energy reported revenues of more than $10bn last year.