Sempra buys Pemex’s stake in Mexican gas pipeline operator for $1.3 billion
By ANDREA NAVARRO
Bloomberg
Sempra Energy’s Mexican subsidiary agreed to buy Petroleos Mexicanos’ (Pemex) 50% stake in natural gas pipeline and storage operator Gasoductos de Chihuahua for $1.325 billion.
Sempra’s Infraestructura Energética Nova, known as Ienova, will assume about $170 million in net debt as part of the agreement, the company and Pemex said in a joint statement late Friday.
Ienova will have full ownership of Gasoductos de Chihuahua’s equity capital, the companies said in the statement.
The deal comes as Sempra works to expand its gas pipeline network in Mexico and as state-owned Pemex seeks to increase its operational and financial efficiency.
The oil giant’s budget was cut by 62 billion pesos, or about $4 billion dollars, in February by the Finance Ministry amid declining oil prices.
The two companies will continue their partnership in the Los Ramones II Norte project, a gas pipeline being built in northern Mexico.
Sempra said it’ll finance the transaction with a combination of debt and equity sales at Ienova.
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