Infraestructura Energetica Nova SAB de CV, or IEnova, acquired an additional indirect participation in the Los Ramones II Norte gas pipeline for $520 million, a move that will boost its stake to 50% from 25%.
Under the deal with Pemex Transformación Industrial SA de CV, the Sempra Energy subsidiary acquired a 50% participation in Ductos y Energéticos del Norte, which represents 25% of Pemex's investment in the Ramones II Norte pipeline, according to an Oct. 6 news release. The consideration is composed of a $231 million cash payment and the assumption of $289 million in debt, composed of Pemex's portion of the outstanding debt in the project.
The Ramones II Norte pipeline started up in February 2016 and has a transportation capacity of 1,420 Bcf/d, with 2 compressor stations. The 452-kilometer, 42-inch diameter pipeline delivers gas from Nuevo Leon to San Luis Potosí in Mexico and connects with the Los Ramones I and Los Ramones II Sur pipelines.
In a separate news release, Pemex said its participation in the pipeline "ceases to bear any strategic importance" and that the divestiture would free up resources to focus on priority projects. Pemex plans to use the sale proceeds to improve its financial profile.
The transaction is scheduled to close in the fourth quarter, pending conditions such as approval from Mexico's Federal Antitrust Commission.
Pemex Transformación Industrial is a subsidiary of Mexico's state-owned Petróleos Mexicanos SA de CV.