IEnova buying Pemex’s stake in Los Ramones II Norte pipeline

Infraestructura Energetica Nova SAB de CV (IEnova), the Mexican subsidiary of San Diego-based Sempra Energy, has acquired Pemex Transformacion Industrial SA de CV’s interest in Ductos y Energeticos del Norte, and, as a result, IEnova will increase its indirect interest in the Los Ramones II Norte natural gas pipeline to 50% from 25%.

Infraestructura Energetica Nova SAB de CV (IEnova), the Mexican subsidiary of San Diego-based Sempra Energy, has acquired Pemex Transformacion Industrial SA de CV’s interest in Ductos y Energeticos del Norte, and, as a result, IEnova will increase its indirect interest in the Los Ramones II Norte natural gas pipeline to 50% from 25%.

IEnova will acquire Pemex’s stake in the pipeline for $231 million plus the assumption of $289 million in debt, representing Pemex’s portion of the outstanding debt in the pipeline.

The 452-km, 42-in. OD pipeline began operations in February 2016 and transports gas from Nuevo Leon to San Luis Potosi. It has a designed transportation capacity of 1.42 bcfd and two compressor stations. Los Ramones II Norte interconnects with the Los Ramones I pipeline and the Los Ramones II Sur pipeline in central Mexico.

The deal is expected to close in the fourth quarter once required authorizations have been obtained, including approval from Mexico’s Federal Antitrust Commission.

IEnova last year acquired Pemex Transformacion Industrial’s 50% stake in the Gasoductos de Chihuahua joint venture for $1.14 billion, increasing its interest to 100% in three gas pipelines, an ethane pipeline, and an LPG pipeline (OGJ Online, Sept. 30, 2016).

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