Sempra Energy (SRE) Announces Completion of PEMEX's JV Stake

September 28, 2016 6:35 AM EDT

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Sempra Energy (NYSE: SRE) 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, 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.

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