In its latest move to expand a multi-billion-dollar stake in Mexico, San Diego-based Sempra Energy's Mexican subsidiary, Infraestructura Energetica Nova SAB de CV (IEnova) acquired an additional 25% interest in the Los Ramones II Norte natural gas pipeline from Petróleos Mexicanos (Pemex) for $231 million, plus assumption of outstanding debt.
The IEnova acquisition doubles its participation in the U.S.-to-Mexico pipeline supplying fuel for gas-fired power plants. Sempra expects its latest deal to close before the end of this year.
Sempra will assume $289 million of debt for the added 25% interest, representing Pemex's portion of the pipeline's overall outstanding debt. At the end of 2016, IEnova had more than $7 billion in assets throughout Mexico’s energy infrastructure, according to a Sempra spokesperson.
The entire 2.1 Bcf/d Los Ramones pipeline runs from Agua Dulce, TX, and is about 621 miles long. The nearly 400-mile, 42-inch diameter Norte portion interconnects with Los Ramones I pipeline and the Los Ramones II Sur pipeline in central Mexico.
Los Ramones II Norte has a 1.42 Bcf/d capacity and two compressor stations, running from Nuevo Leon to San Luis Potosi.
“Los Ramones II Norte is located in northeast Mexico, and it contracts with Cenagas to supply gas to fulfill its various system/network needs, including providing gas to some power plants,” the spokesperson said.