Infraestructura Energética Nova (IEnova) has received approval from Mexico's anti-trust commission Comisión Federal de Competencia Económica for its previously announced acquisition of Petróleos Mexicanos’ (Pemex) 50% stake in the Gasoductos de Chihuahua joint venture (JV) for approximately $1.1bn.
Gasoductos de Chihuahua develops and operates energy infrastructure in Mexico.
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As part of the transaction, the Mexican subsidiary of Sempra Energy, IEnova will acquire Gasoductos de Chihuahua’s assets, including three natural gas pipelines, an ethane pipeline and a liquid petroleum gas pipeline, as well as associated storage terminal.
As a result of this transaction, IEnova will own 100% of the equity capital in the JV.
Under the agreement, IEnova and Pemex will also maintain a JV for the Los Ramones Norte pipeline project.
With this partnership, both companies will be able to continue their joint development of energy infrastructure projects in Mexico.
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By GlobalDataSubject to completion of a Mexican anti-trust review and customary closing conditions, the acquisition is expected to be completed later this month.
IEnova develops, builds and operates energy infrastructure in Mexico and invested more than $4bn in operating assets and projects under construction in Mexico as of 31 December last year.
Sempra Energy reported revenues of more than $10bn last year.
