IEnova, the Mexican unit of U.S.-based Sempra Energy, said on July 12 that it had restructured a deal to buy state-run oil company Pemex's 50% stake in pipeline company Gasoductos de Chihuahua for $1.108 billion.
In December, Mexico's Federal Economic Competition Commission (COFECE) said it objected to a previous incarnation of the deal, as Pemex had failed to sell its stakes in a LPG pipeline and a natural gas pipeline, as ordered by a previous antitrust agency.
On July 12, IEnova announced it had restructured the deal with Pemex, which would be able to proceed once it had finished complying with the commission's conditions.
IEnova said it would pay a minimum of $1.108 billion for the stake, less than the $1.325 billion it pledged to pay last July.
Recommended Reading
Waha NatGas Prices Go Negative
2024-03-14 - An Enterprise Partners executive said conditions make for a strong LNG export market at an industry lunch on March 14.
Williams Beats 2023 Expectations, Touts Natgas Infrastructure Additions
2024-02-14 - Williams to continue developing natural gas infrastructure in 2024 with growth capex expected to top $1.45 billion.
Post $7.1B Crestwood Deal, Energy Transfer ‘Ready to Roll’ on M&A—CEO
2024-02-15 - Energy Transfer co-CEO Tom Long said the company is continuing to evaluate deal opportunities following the acquisitions of Lotus and Crestwood Equity Partners in 2023.
EQT CEO: Biden's LNG Pause Mirrors Midstream ‘Playbook’ of Delay, Doubt
2024-02-06 - At a Congressional hearing, EQT CEO Toby Rice blasted the Biden administration and said the same tactics used to stifle pipeline construction—by introducing delays and uncertainty—appear to be behind President Joe Biden’s pause on LNG terminal permitting.
Kinder Morgan Sees Need for Another Permian NatGas Pipeline
2024-04-18 - Negative prices, tight capacity and upcoming demand are driving natural gas leaders at Kinder Morgan to think about more takeaway capacity.