Sempra Energy's IEnova acquires Pemex's participation in Los Ramones II Norte
Sempra Energy announced that its Mexican subsidiary, Infraestructura Energetica Nova, S.A.B. de C.V., has acquired Pemex Transformacion Industrial's participation in Ductos y Energeticos del Norte, and, as a result, IEnova will increase its indirect participation in the Los Ramones II Norte pipeline to 50% from 25%. IEnova will acquire Pemex's stake in the pipeline for $231M, plus the assumption of $289M in debt, representing Pemex's portion of the outstanding debt in the pipeline. The approximately 452-km, 42-inch diameter pipeline commenced operations in February 2016 and transports natural gas from Nuevo Leon to San Luis Potosi. It has a designed transportation capacity of 1,420B cubic feet per day 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 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.