Ienova

Mexican competition authorities have cleared a $500 million deal by Sempra Energy’s local subsidiary to increase its stake in the Los Ramones II Norte natural gas pipeline, the company said last week.

Infraestructura Energetica Nova (IEnova) more than doubled its earnings during the third quarter over the year-ago period, lifted by prior acquisitions and the startup of natural gas pipelines in northwestern Mexico.

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.

Sempra Energy’s Mexican subsidiary saw profits increase by one-third in 2Q2017 from a year ago, due in large part to the acquisition and start of natural gas pipeline operations.

Liquids infrastructure development in Mexico is ripe for private sector investment, with major global companies from North America and Europe eyeing the market, according to executives from Sempra Energy’s Mexico City-based unit.

Building Mexico energy infrastructure ranging from refined products to renewables is what Sempra Energy views as its sweet spot for growth through its majority (66%) ownership of Infraestructure Energetica Nova, SAB de CV (IEnova), executives said Tuesday at an analyst meeting in New York City.

Eight projects worth $800 million,including a stake in a major subsea natural gas pipeline in the Gulf of Mexico, are on the plate of Sempra Energy’s Mexico-based Infraestructura Energetica Nova, SAB de CV (IEnova), CEO Carlos Ruiz Sacristan said Monday.

San Diego-based Sempra Energy’s fast-growing Mexican unit, Infraestructura Energetica Nova, SAB de CV’s (IEnova), on Fridaypriced upcoming private and public sales of stock in an effort to raise US$1.43 billion to help acquire a 50% interest in a group of energy pipelines and an associated storage terminal from Mexico’s national energy company, Petroleos Mexicanos (Pemex).

Mexico’s federal antitrust commission on Wednesday approved a stalled billion-dollar deal for a unit of San Diego-based Sempra Energy to acquire a 50% interest in a group of energy pipelines and an associated storage terminal from Mexico’s national energy company, Petroleos Mexicanos (Pemex). The deal is expected to close later this month.