Sempra's IEnova unit buys Pemex stake in Ramones Mexico gas pipeline

|About: Sempra Energy (SRE)|By:, SA News Editor

Sempra Energy (NYSE:SRE) unit IEnova says it is buying a 25% indirect stake held by Mexican state oil company Pemex in the Ramones II Norte gas pipeline, for $520M, including debt.

The pipeline connects the IEnova-owned Ramones I duct with the Ramones II Sur pipeline to carry gas from the U.S. to north-central Mexico.

The deal boosts IEnova's holding in the pipeline to 50% through its 100% stake in the Ductos Energ├ęticos del Norte company, 45% by investment funds and 5% indirectly held by Pemexl.