- IEnova acquired Pemex’s participation, which comprises 25 per cent, in the Ramones II Norte Gas Pipeline
Pemex announces the divestment of 50 per cent of its social participation in the company Ductos y Energéticos del Norte. This participation represents 25 per cent of the investment in the Ramones II Norte gas pipeline.
The Energy Reform opens the opportunity to various domestic and foreign participants to invest in projects of the domestic energy sector. Such is the case of natural gas transportation, which will allow the company to cover the growing demand for this kind of energy. For Pemex, this activity ceases to bear any strategic importance and the measure that was undertaken will allow the company to dedicate resources to priority business projects.
The amount of the operation is of approximately $231 million dollars, which is within the valuation ranges of similar companies and previous operations in the sector of hydrocarbon storage and transportation. It is important to add that this amount will be adjusted as of the closing date, when the rights and obligations of each partner will be acknowledged, which is common practice in this kind of transactions.
The resources from the divestment will contribute to improving the financial profile of the company, thus reducing the need for financing in the bond markets.
This transaction is subject to obtaining the regulatory authorization from the Federal Commission for Financial Competence (COFECE).
With this kind of actions, Pemex reaffirms its commitment to consolidate its finances through focusing on strategic activities in the new context of the domestic energy industry.