Pemex sells pipeline JV stake for US$1.3bn
Mexico's Pemex has sold its 50% stake in Gasoductos de Chihuahua to JV partner IEnova for US$1.32bn.
The proceeds from the sale will be used to invest in strategic projects of greater profitability and lessen the state oil firm's need to incur debt, Pemex said in a press release.
IEnova, the Mexican unit of US-based Sempra Energy, will now own 100% of Gasoductos de Chihuahua.
The stake purchase includes the company's three natural gas pipelines, an ethane pipeline, and an LPG pipeline and storage terminal.
The transaction is expected to be completed in 120 days, subject to regulatory and corporate approval.
Pemex and IEnova maintain a partnership in the Los Ramones II Norte pipeline via the company Ductos y Energéticos del Norte, and may develop new projects jointly in the future, Pemex said.
The transaction was structured by BBVA Bancomer and Credit Suisse.
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