Sempra Energy’s Mexican subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova), has reached an agreement to acquire Pemex Transformación Industrial’s stake in the Ductos y Energeticos del Norte joint venture.
Under the terms of the agreement, IEnova will acquire Pemex’s stake in the Los Ramones II Norte Pipeline for $231 million, plus the assumption of $289 million in debt, which represents Pemex’s portion of the outstanding debt in the pipeline. Once completed, IEnova will own 50% of the pipeline.
The Los Ramones II Norte Pipeline is an approximately 452-kilometer, 42-inch diameter pipeline that commenced operations in February 2016 and transports natural gas from Nuevo Leon to San Luis Potosí. It has a transportation capacity of 1,420 billion cubic feet per day and interconnects with the Los Ramones I pipeline and the Los Ramones II Sur pipeline in central Mexico.
The transaction is expected to close in the fourth quarter 2017, once the required authorizations have been obtained, including approval from Mexico’s Federal Antitrust Commission. The transaction will be subject to customary post-closing adjustments included in the purchase and sale agreement.