Sempra Energy’s Mexican subsidiary Infraestructura Energética Nova (IEnova) has signed an agreement to acquire Pemex Transformación Industrial’s (Pemex) participation in Ductos y Energeticos del Norte.
The acquisition translates to IEnova increasing its indirect participation in the Los Ramones II Norte pipeline to 50% from the existing 25%.
As per the deal, in exchange for the acquisition of the stake in the pipeline, IEnova is required to pay $231m.
In addition, the company will assume $289m in debt, which represents Pemex’s share of the outstanding debt in the pipeline.
Pemex said in a statement: “The Energy Reform opens the opportunity to various domestic and foreign participants to invest in projects of the domestic energy sector. Such is the case of natural gas transportation, which will allow the company to cover the growing demand for this kind of energy.
“For Pemex, this activity ceases to bear any strategic importance and the measure that was undertaken will allow the company to dedicate resources to priority business projects.”
The 452km pipeline, which has a diameter of 42in, began operations in February last year and transports natural gas from Nuevo Leon to San Luis Potosí.
With a transportation capacity of 1,420 billion cubic feet per day, the pipeline interconnects with the Los Ramones I pipeline and the Los Ramones II Sur pipeline in central Mexico.
Subject to certain permits, including approval from Mexico’s Federal Antitrust Commission, the transaction is scheduled to close in the fourth quarter of this year.