Sempra Energy Unit IEnova Completes Acquisition Of PEMEX Stake In Joint Venture
SAN DIEGO, Sept. 27, 2016 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that its Mexican subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) (BMV: IENOVA), has completed its acquisition of PEMEX Transformación Industrial's 50-percent equity interest in the Gasoductos de Chihuahua joint venture for approximately $1.14 billion.
Mexico's antitrust commission, the Comisión Federal de Competencia Económica, authorized the transaction Sept. 15. IEnova's shares in the joint venture now increase to 100 percent from 50 percent. PEMEX will retain 50-percent shareholder interest in the Ramones II Norte pipeline project through Ductos y Energéticos del Norte, S.de R.L. de C.V.
The assets included in the transaction comprise three natural gas pipelines, an ethane pipeline, and a liquid petroleum gas pipeline and associated storage terminal.
IEnova develops, builds and operates energy infrastructure in Mexico. As of Dec. 31, 2015, the company had invested more than US $4 billion in operating assets and projects under construction in Mexico. It is one of the largest private energy companies in the country and is the first energy infrastructure company to be listed on the Mexican Stock Exchange.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2015 revenues of more than $10 billion. The Sempra Energy companies' 17,000 employees serve more than 32 million consumers worldwide.
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the impact on competitive customer rates of the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E's electric transmission and distribution system; the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements due to insufficient market interest, unattractive pricing or other factors; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
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Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not the same companies as the California utilities, San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas), and Sempra International, LLC, Sempra U.S. Gas & Power, LLC, and Sempra Partners, LP, are not regulated by the California Public Utilities Commission. Sempra International's underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Power's underlying entities include Sempra Renewables and Sempra Natural Gas.
SOURCE Sempra Energy
CategorySempra International , Sempra Energy