Mexico's federal antitrust commission 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), Sempra's subsidiary IEnova announced in a press release.
The deal is expected to close later this month.
Infraestructura Energetica Nova, SAB de CV's (IEnova) buyout of Pemex's interest in their multi-faceted Gasoductos de Chihuahua joint venture last year had been challenged by Mexico's antitrust commission, the Comision Federal de Competencia Económica (COFECE).
The transaction was among a quintet of buyouts announced a year ago, valued at US$ 1.325 billion, which included three natural gas pipelines, an ethane pipeline, and liquid petroleum gas pipeline and storage facilities. Pemex's 50% equity interest in Gasoductos de Chihuahua cost IEnova approximately US$ 1.1 billion, Sempra said.
Both IEnova and Pemex have been pushing ahead to salvage the unit’s buyout of Pemex's interest.
Gasoductos de Chihuahua develops and operates energy infrastructure in Mexico, and its assets in the transaction include the five pipelines, along with the related storage facility. IEnova has invested more than US$4 billion in operating assets and projects under construction in Mexico.