IEnova plans to address Mexican regulators' concerns over PEMEX deal

Sempra Energy said its  Infraestructura Energética Nova (IEnova) subsidiary plans to address issues raised when Mexico's antitrust commission, Comisión Federal de Competencia Económica (COFECE), recently refused to approve IEnova's plan to buy PEMEX's 50 percent equity interest in the Gasoductos de Chihuahua joint venture.  

"We look forward to working with PEMEX to address the issues raised by Mexico's antitrust commission," Mark Snell, president of Sempra Energy, said. "We will proceed in a manner that is both acceptable and consistent with the commission's guidance."

COFECE) reportedly rejected the transaction because of PEMEX's indirect ownership of the San Fernando and TDF natural gas pipelines. The commission said that for the agreement with IEnova to be approved, these assets must be offered on a competitive basis.

The bidding process and transaction restructuring are expected to be completed in the first quarter of this year.

IEnova’s status as a partner gives it the right to approve or deny the winning bidder for the two pipelines.

IEnova is focused on the development and operation of infrastructure projects in Mexico related to energy and generation.

Organizations in this story

Sempra Energy 101 Ash St San Diego, CA - 92101

Get notified the next time we write about Sempra Energy!