By Anthony Harrup
MEXICO CITY--Mexican national oil company Petróleos Mexicanos
will sell its 50% stake in a pipeline joint venture to partner
Infraestructura Energetica Nova SAB for $1.33 billion, saying it
plans to invest the money in more profitable strategic
projects.
Ienova, the Mexican unit of Sempra Energy, will own 100% of
Gasoductos de Chihuahua once the deal closes, which is expected in
the next three months, the companies said Friday. Gasoductos de
Chihuahua includes three natural gas pipelines, an ethane pipeline,
a liquefied petroleum gas pipeline and an LPG storage terminal.
Pemex said the sale, which will allow it to take on other
projects without taking on debt, is part of its plan to increase
its operating and financial efficiency.
Under Mexico's new energy laws, the state company faces private
competition in oil and gas production for the first time in its
77-year history. Pemex also has had to reduce its investment budget
this year by around $4 billion because of lower oil prices, as part
of broader government budget cuts.
Pemex's sales in the second quarter fell by 27% from a year
before to $19.9 billion, affected by a 9.8% decline in crude oil
production and a 44% drop in the price of oil.
Pemex and Ienova will maintain their joint venture in the Los
Ramones Norte pipeline, which is part of a major project to carry
natural gas from Texas to central Mexico. Earlier this year, Pemex
sold a 45% stake in the Los Ramones II pipeline to BlackRock Inc.
and First Reserve Corp. for around $900 million.
Write to Anthony Harrup at anthony.harrup@wsj.com
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