Sempra Energy's Mexican subsidiary IEnova has acquired Pemex Transformación Industrial's interest in Ductos y Energeticos del Norte and has increased its indirect stake in the Los Ramones II Norte pipeline from 25% up to 50%. IEnova will purchase Pemex's participation for US$231m plus US$289m in debt, representing Pemex's share of the outstanding debt in the facility. The transaction is scheduled to close in the fourth quarter of 2017 and is subject to regulatory approval from the Mexican Federal Antitrust Commission.
The Los Ramones II gas pipeline (14.4-14.8 bcm/year) linking Mexico and the USA was inaugurated in June 2016. It is made of two strings: Ramones II Norte (452 km-long between Nuevo Leon state and San Luis Potosi, carried out by two Pemex subsidiaries: TAG Pipelines and Gasoductos de Chihuahua) and Ramones II South (290 km-long from San Luis Potosi to Guanajuato state, by Engie and TAG Pipelines). The project was developed by Pemex (55%) associated to BlackRock and First Reserve (45%).