On 6 October, Sempra Energy announced that its Mexican subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova), had acquired Pemex Transformación Industrial's participation in Ductos y Energeticos del Norte and, as a result, IEnova will increase its indirect participation in the Los Ramones II Norte pipeline to 50% from 25%.
IEnova will acquire Pemex's stake in the pipeline for US$231 million, plus the assumption of US$289 million in debt, representing Pemex's portion of the outstanding debt in the pipeline.
The approximately 452 km, 42 in. dia. pipeline commenced operations in February 2016 and transports natural gas from Nuevo Leon to San Luis Potosí. It has a designed transportation capacity of 1420 billion ft3/d and two compressor stations. Los Ramones II Norte interconnects with the Los Ramones I pipeline and the Los Ramones II Sur pipeline in central Mexico.
The transaction is expected to close in the fourth quarter 2017, once the required authorisations have been obtained, including approval from Mexico's Federal Antitrust Commission. The transaction will be subject to customary post-closing adjustments included in the purchase and sale agreement.